Vietsovpetro fulfills output goal one month ahead schedule
The Vietnam – Russia oil and gas joint venture Vietsovpetro has reported an oil and condensate output of nearly 3.14 million tonnes in the first 11 months of this year, 9.4 percent higher than its yearly plan.
Hanoi (VNA) – The Vietnam – Russia oil andgas joint venture Vietsovpetro has reported an oil and condensate output ofnearly 3.14 million tonnes in the first 11 months of this year, 9.4 percenthigher than its yearly plan.
This means the firm has fulfilled this year’s goal foroil and condensate output one month ahead schedule.
Vietsovpetro exploited 72.6 million cu.m of natural gasfrom Lot 09-1 from January-November, 10.1 percent higher than the 11-monthplan. It completed the yearly goal on November 27, 44 days ahead schedule.
The venture will be likely to surpass its key targetsthis year. Outputs of oil and natural gas are expected to exceed 3.4 milliontonnes, and 77 million cu.m, respectively, 9.4 percent and 9.6 higher than theplans. Its reserve will also be likely to surpass the plan by 4 percent.
Since the company suffered a decrease in oil sales in thefirst 11 months of 2020 due to a substantial fall in the global oil pricescaused by impacts of COVID-19, it has worked to accelerate cost-cuttingmeasures with the cost savings exceeding this year’s plan by 50 percent. Thanksto such efforts, its contributions to the State budget revenue and total profitcontributed by both sides surpassed the yearly plan by 3 percent.
At a meeting with leaders of the Vietnam Oil and GasGroup (PetroVietnam) on December 3, Vietsovpetro proposed its parent company todevelop special mechanisms and suitable conditions for it to thrive further.
The path ahead is forecast to be bumpy for Vietsovpetroas a result of the ongoing pandemic, declining petroleum reserves anddifficulties in offshore and deep-water exploration, so PetroVietnam ChairmanHoang Quoc Vuong urged the member company to adopt a new strategy for thedevelopment of renewable energy, especially offshore wind power.
He also requested Vietsovpetro to restructure and reviewall possible solutions to operate more effectively in the coming time./.
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