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PVEP reaches milestone of one billion barrels in oil output

VGP - PetroVietnam Exploration Production Corporation (PVEP) said that the it had achieved the milestone of exploiting one billion barrels in oil output, which is an impressive result in the context of the current decline in mining output and operating scale of the E&P sector.

February 10, 2023 3:09 PM GMT+7
PVEP reaches the milestone of 1 billion barrels of oil production - Ảnh 1.

Oil and gas exploitation at Rang Dong field. Photo: Nhandan.vn

PVEP General Director Tran Hong Nam said that by the end of 2022, the company's total production output reached 996 million barrels of oil and 3,368 BCF of gas sold, bringing the total output to 1,624 million barrels.

Among 21 oil exploitation projects, four blocks have the most significant actual production, accounting for 65 percent, including Block 15-1 with 305 million barrels of oil; Block PM3 CAA with 144 million barrels of oil; Block 15-2 and Block 16-1 both reaching 103 million barrels of oil - accounting for the majority.

Few oil companies in the region can hit the 1 billion barrel mark. On the journey to the new milestone, PVEP and its units/joint ventures have overcome a challenging journey.

Since the end of 2015, the world political-security situation has experienced many complicated changes. Crude oil prices fell beyond all expectations.

In particular, the outbreak of the Covid-19 pandemic in 2020 has had a significant impact on socio-economic and commercial activities on a global scale.

Besides, PVEP faces many difficulties, from oil and gas fields with natural output decline to inadequacies in investment procedures and financial resources.

Additionally, the bottlenecks in mechanisms and policies for exploration and exploitation enterprises have not been removed in time, and some investment projects have encountered difficulties.

Along with that, the energy transition trend has significantly impacted the world's oil and gas industry, directly affecting PVEP's activities.

Against that background, PVEP's leaders, officers, engineers and employees have innovated, synchronously deploying solutions in economic, technical and operational management and actively investing to ensure the safety of capital and financial resources.

During the period when oil prices plummeted, PVEP sharply reduced and optimized production costs, giving priority to increasing exploitation in fields with low production costs.

All of the above efforts have also helped PVEP gradually stabilize and solidify cash flow, assisting PVEP in overcoming the storm./.