PVN asked to double efforts to fulfill 2017 targets
Deputy Prime Minister Trinh Dinh Dung has asked the Vietnam Oil and Gas Group (PVN) to mobilise all resources and solutions for the completion of all targets set for 2017, especially those in oil and gas production.
Deputy Prime Minister Trinh Dinh Dung speaks at the PVN's conference on January 19 (Photo: VNA)
Hanoi (VNA) – Deputy Prime Minister TrinhDinh Dung has asked the Vietnam Oil and Gas Group (PVN) to mobilise allresources and solutions for the completion of all targets set for 2017,especially those in oil and gas production.
Addressing the PVN’s conference on January 19, theDeputy PM said that the price of crude oil, which is predicted to remain low andhave unexpected changes in 2017, will directly impact countries having the oiland gas industry, including Vietnam, as well as the PVN.
Along with facing difficulties in domestic projects,the sector has also countered fierce competition in the global market, headded.
In that context, Deputy PM Dung requested the group toactively tackle its shortcomings in projects, including the one on Dung Quatshipyard, and other projects that likely slow down.
At the same time, it is necessary to increase the overallquality of all projects, he asked, stressing the need to ensure safety andapply measures to enhance investment effectiveness to avoid losses andwastefulness.
According to PVN General Director Nguyen Vu TruongSon, in 2016, the group fulfilled all set goals. It increased the oil and gasreserve to 16.66 million tonnes, reaching 100 percent of the target, while exploringthree new oil fields and exploiting three new fields of RC-9, Thien Ung and SuTu Trang phase 1.
The group’s oil production was 17.23 million tonnes, completingthe target 29 days ahead of schedule, and exceeding the set goal by 1.19million tonnes. The company brought ashore 10.61 billion cubic metres of gas.
The firm’s industrial production last year reached 490 trillion VND (21.3billion USD), a 12 percent rise over the yearly target. It made revenues of 452.5trillion VND (19.67 billion USD), contributed 90.2 trillion VND (3.96 billionUSD) to the State budget, which was 10 trillion VND higher than the set target,and earned an after-tax profit of 24.4 trillion VND (1.63 billion USD).
Son said that in 2017, the PVN will increase its controlof activities in the East Sea, while speeding up exploration projects andrestructuring plan.-VNA
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Deputy Prime Minister Trinh Dinh Dung speaks at the PVN's conference on January 19 (Photo: VNA) 
