The PetroVietnam Exploration Production Corporation (PVEP), a subsidiary of the Vietnam Oil and Gas Group (PetroVietnam), exploited 2.88 million tonnes of oil equivalent during the first three quarters of the year, exceeding the set target by 1%.

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.