PetroVietnam to cut crude oil exploitation costs during 2020-2025
The Vietnam Oil and Gas Group (PetroVietnam) has set a goal of reducing average crude oil exploitation costs in order to sustain business during the 2020-2025 period, even if crude oil price drops to 30 USD per barrel.
Hanoi (VNA) - The Vietnam Oil and Gas Group (PetroVietnam) has seta goal of reducing average crude oil exploitation costs in order to sustainbusiness during the 2020-2025 period, even if crude oil price drops to 30 USDper barrel.
During the third congress of the Party organisations at PetroVietnam forthe 2020-2025 tenure in Hanoi on June 9, General Director Le Manh Hung said thegroup is facing difficulties during 2015-2020, especially in exploration andexploitation.
Secretary of the Party Committee and Chairman of the Board of Directors atPetroVietnam, Tran Sy Thanh, asked the group to focus on two key tasks. Thefirst is following the Resolution adopted by the fourth plenum of the 12th Party Central Committee on Party building and rectification while preventingand driving back degradation in political thought, moral virtue, and lifestyle.
The second is improving corporate governance to achieve set goals,especially those regarding production and trade as well as finance, and payingattention to petrol price forecasts to better control risks, he said.
PetroVietnam will put into operation Lot B and the Ca Voi Xanh gas fields,the largest in Vietnam, during the 2020-2025 period.
The group’s total revenue in 2015-2020 is estimated at 3,397 trillionVND (over 146.37 billion USD) and State budget contributions at 592 trillionVND. After-tax profit is expected to reach 170 trillion VND.
𝓰 It expects to tap 25-30 milliontonnes of oil equivalent each year after 2024./.
The Vietnam Oil and Gas Group (Petrovietnam) is striving to achieve the “dual goal” in the context of “dual crisis” from the COVID-19 pandemic and the plunge in oil price.
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Illustrative image (Photo: VNA) 
