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 US$30 per barrel.

During the third congress of the Party organisations at PetroVietnam for the 2020-2025 tenure in Hanoi on June 9, General Director Le Manh Hung said the group is facing difficulties during 2015-2020, especially in exploration and exploitation.

Secretary of the Party Committee and Chairman of the Board of Directors at PetroVietnam, Tran Sy Thanh, asked the group to focus on two key tasks. The first is following the Resolution adopted by the fourth plenum of the 12th Party Central Committee on Party building and rectification while preventing and 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 paying attention 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 VND3,397 trillion (over US$146.37 billion) and State budget contributions at VND592 trillion. After-tax profit is expected to reach VND170 trillion.

It expects to tap 25-30 million tonnes of oil equivalent each year after 2024.