PVN comleted target of oil exploration before deadline
At 16:55:3 PM on December 27th, 2011, PetroVietnam (PVN) has completed exploitation target of 15 million tonnes of oil in 2011 while still have a further 4 days to come. From now to the end of 2011 (calendar), eachh 2 seconds, group exploit an additional 1 tonne of oil.
This year, exploration activity was in unfavorable situation, because output slowdown from some oil fields. In that context, Group has successfully implemented a number of technical solutions to recover oil output from those oil fields. Some of them recovered around 52%, the highest rate in the world so far. In the Third and the last quarter 2011, Group has also put into operation a number of new fields, and improve oil production in abroad.
From late September, the Group has completed the financial plan for the whole year. In 2011, revenue of PVN reached VND672 trillion, and pay tax to state budget exceeds VND58 trillion, equivalent to USD2.8 billion.
According to preliminary calculations, turnover from corporations and state groups reach VND1,160 trillion, include PVN accounts for 50% of turnover. In 2010, PVN paid tax of VND170 trillion to state buget, accounted for 70% of VND299 trillion of oil sector.
Speaking at the event of completing the exploitation target of 15 million tonnes of oil, General Director Do Van Hau praised the efforts of the oil and gas exploitation and production deparmets. Mr Hau also prompted departments to implement immediately the new tasks and goals in 2012. In the next year, Group have to produce 15.8 million tonnes of oil and 9 billion m3 of gas following government direction.
Source: Xangdau.net
