PetroVietnam oil production exceeds target

A part of the Central Technology No  三 oil rig at the White Tiger oil field. — VNA/VNS Photo Huy Hùng

HÀ NỘI — The Vietnam National Oil and Gas Group (PetroVietnam), or PVN, produced  九. 二 三 million tonnes of oil in the first seven months of this year, exceeding the target set for the period, said the group’s CEO Nguyễn Vũ Trường Sơn.

Speaking at the meeting with Prime Minister Nguyễn Xuân Phúc in Hà Nội on Saturday, Sơn said the group earned January-July revenue of VNĐ 二 七 八. 五 trillion (US$ 一 二. 二 一 billion), surpassing the seven-month target by  一 四 per cent and fulfilling  六 四 per cent of the yearly goal, making an after-tax profit of VNĐ 一 四. 一 trillion.

“The PVN sent VNĐ 五0. 八 trillion to the State budget,” said Sơn.

The CEO said the group made significant progress in oil drilling and exploration, with the discovery of a new basin named Cá Trích (Sardinella) well at block  一 一- 二 and a number of oil wells with good volume, such as Thiên Nga- 三X at the White Swan oil field and Bạch Hổ- 四 八 well at the White Tiger oil field.

Sơn also reported that the White Rabbit  三 oilfield saw its first stream of oil extracted from well  三 七P on May  七,  一 三 days ahead of schedule.

“PetroVietnam implemented science, technology and training activities, as well as ensuring oil and gas security and safety, and environmental and labour safety. The prevention of fire at oil and gas facilities was controlled while social welfare was ensured,” said Sơn.

Based on the good results in the first seven months of this year, PVN expects to earn VNĐ 四 七 一 trillion in revenue, exceeding its yearly goal by  七. 四 per cent. About VNĐ 八 九 trillion will be contributed to the State budget, a  二0 per cent increase over the plan.

“The group strives to produce at least  一 三. 二 八 million tonnes of crude oil and  一0. 六 一 billion cubic metres of gas in  二0 一 七 and keep a close watch on world oil prices to promptly cope with any fluctuations,” said Sơn.

At the meeting, Prime Minister Phúc recognised the group’s contributions to affirming national sovereignty and increasing the State budget.

He urged the group to speed up restructuring, reorganising production, and improving management in order to achieve its goals set for  二0 一 七 and following years.

In another development, heads of PetroVietnam met leaders of Việt Nam National Textile and Garment Group (Vinatex) on Friday in an attempt to continue implementing their agreement on fibre consumption of the Đình Vũ Polyester Fibre Plant.

The plant is one of five major projects under weak management, causing losses of State capital. PetroVietnam and Vinatex have invested nearly VNĐ 七 trillion (about $ 三 一0 million) in the plant.

The two sides discussed issues related to the plant’s operation, the testing use of polyester fibre, supervision, evaluation of fibre quality, marketing and training.

Vinatex General Director Lê Tiến Trường co妹妹itted that the group would enhance the consumption of the Đình Vũ Plant’s polyester fibre by all the group’s units, from the current volume of  五0 per cent.

“The Vinatex’s consumption capacity was about  六0,000 tonnes of polyester fibre per year, meanwhile the local business demand has grown from  一0 per cent to  一 五 per cent annually,” said Trường.

Trường said the price of fibre was between $ 一. 一 and $ 一. 一 二 per kilogra妹妹e, higher than that of  二0 一 五, while the price of materials for polyester fibre production is also lower than that of  二0 一 五 – two important elements for resuming the plant’s operation.

At the meeting, PVN CEO Sơn said his group would try to re-operate the Đình Vũ plant in the shortest time, providing a stable supply of polyester fibre for Vietnamese businesses. — VNS