PVEP records one billion barrels in oil output, marking a new milestone: Petroleum exploitation on the Bach Ho Oil Field. (Photo: VNA)

This was also an imppressive result in the context of decreasing output and size of exploration and production (E&P) activities.

According to PVEP General Director Tran Hong Nam, as of the end of 2022, the company’s total output was estimated at 996 million barrels of oil and 3,368 billion cubic feet of gas. The total is equivalent to 1,624 million barrels of oil.

Among its 21 projects, four lots with the largest output account for 65%, namely Lot 15-1 with 305 million barrels, Lot PM3 CAA with 144 million barrels, and Lot 15-2 and Lot 16-1, each with 103 million barrels.

During the journey to reach the milestone of 1 billion barrels, PVEP and its partners have overcome various challenges, including uncertainties in global politics, falling oil prices and the COVID-19 pandemic.

The company also faced numerous difficulties from the depletion of oil deposits and financial resources for exploration and production activities, he said, adding that it managed to overcome the headwinds thanks to a wide range of measures as well as the efforts and renovation spirit of its staff.