The yield fulfilled 53 percent of the goal set for the entire year.

Bach Ho oil field

Of the total, the production of crude oil/condensate and natural gas stood at 1.42 million tons and 589 million cubic meters, 4 and 1 percent higher than targeted, respectively.

According to PVEP President & CEO Tran Quoc Viet, despite the high output, falling global oil prices coupled with the COVID-19 pandemic have hindered the company from achieving its financial targets for the period.

To meet the yearly goal, PVEP said it will continue optimizing exploitation output, cutting cost, enhancing resources’ quality, and applying technologies in production, among others.

Source: VNA