The production of oil and gas did not reach the planned target, said Tran Ngoc Canh, CEO of Petro Vietnam, at a press conference on October 11.

In the first 9 months, the group’s exploitation of crude oil and gas was 16.94 million tons, or 68.3% of the year’s target, crude oil accounting for 11.94 million tons and gas, 5 million tons.

Addressing the causes, the CEO said the project to buy an oil mine in Kazakhstan, which could potentially contribute 1 million tons to the total oil and gas production, was progressing much slower than expected.

In addition, less oil has been extracted from oil wells due to high water levels and the slow pace of mine construction.

Source: LD

Translated by Thu Nguyen