PVEP’s oil & gas output surpasses six-month target

The PetroVietnam Exploration Production Corporation (PVEP) has reported an oil equivalent output of 2.01 million tonnes in the first half of 2020, 4 percent higher than its target.

 

The yield fulfilled 53 percent of the goal set for the entire year.

 

Of the total, the production of crude oil/condensate and natural gas stood at 1.42 million tonnes and 589 million cubic metres, 4 and 1 percent higher than targeted, respectively.

 

According to PVEP President & CEO Tran Quoc Viet, despite the high output, falling global oil prices coupled with the COVID-19 pandemic have hindered the company from achieving its financial targets for the period.

 

To meet the yearly goal, PVEP said it will continue optimising exploitation output, cutting cost, enhancing resources’ quality, and applying technologies in production, among others.

 

Source: Vietnam News Agency

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