
PVEP stated that its oil and gas exploitation activities during the past nine months have been adversely affected by the novel coronavirus (COVID-19) pandemic coupled with the steep fall in global oil prices.
In an effort to boost production, the firm has carried out a series of measures aimed at maximising its exploitation, whilst simultaneously reducing production costs. In addition, adjustments and extensions of investment progress, new financial solutions, and an effective maintenance of the operation of projects were also carried out.
However, due to the average oil price being far lower than calculated in the set plan, PVEP’s total revenue throughout the reviewed period is estimated to stand at roughly US$681.7 million. This meets 71% of the target for the nine-month period and 53% of the goals for the entire year, respectively.
Most notably, the corporation earned a pre-tax profit of US$80 billion during the period and contributed a figure of VND 4.8 trillion to the State budget.
Moving into the final months of 2020, PVEP’s output is expected to reach 0.85 million tonnes of oil equivalent during the remainder of the year.
- PVEP exceeds nine-month oil exploitation target
- PetroVietnam posts profit of over 430 million USD despite twin crises
- SK Innovation to operate oil block 16-2 offshore Vietnam
- Better business performance helps swell budget
- PetroVietnam’s nine-month oil output surpasses target at 864 million tonnes
- PetroVietnam exploits 7.76 million tonnes of oil equivalent in eight months
- PetroVietnam earns US$12.2 billion in revenue in H1
- PetroVietnam earns 12.2 billion USD in revenue in H1
- PVD has left the plan to divest this year

