PetroVietnam targets 13.28 million tonnes of crude oil in 2017
The Vietnam National Oil and Gas Group (PetroVietnam or PVN) is striving to fulfil the target of exploiting 13.28 million tonnes of crude oil and 10.61 billion cu. m of gas in 2017, PVN Deputy Director Do Chi Thanh said at a conference in Hanoi on July 13.
PetroVietnam targets 13.28 million tonnes of crude oil in 2017 (Photo: VNA)
Hanoi (VNA) – The Vietnam National Oiland Gas Group (PetroVietnam or PVN) is striving to fulfil the target ofexploiting 13.28 million tonnes of crude oil and 10.61 billion cu. m of gas in2017, PVN Deputy Director Do Chi Thanh said at a conference in Hanoi on July13.
He noted that in the first six months of 2017,the world oil prices stayed at a low level, affecting the group’s operation.
The PVN also encountered falling production at oiland gas fields as well as obstacles in financial and price mechanisms and taxpolicies, he added.
Oil and gas processing companies such as the Oiland Gas Fertilizer and Chemicals Corporation and the Ca Mau Oil and Gas FertilizerJoint Stock Company faced fierce competition from imported products, while oiland gas services companies suffered from decreased exploration and exploitationactivities, he said.
Despite the difficulties, the PVN has managed tosurpass all business production targets set by the Government by 2-19 percent,he said.
Deputy Minister of Industry and Trade Do ThangHai said PVN plays a crucial role in the economy and contributes over 10percent to the country’s gross domestic product (GDP).
He asked the PVN to focus all resources on oiland gas projects in the remaining months of 2017.
The ministry will coordinate with the PVN topropose adjustments to financial mechanisms and measures to remove bottlenecksfor the group.-VNA
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PetroVietnam targets 13.28 million tonnes of crude oil in 2017 (Photo: VNA)
