Addressing the PVN’s conference on January 19, the Deputy PM said that the price of crude oil, which is predicted to remain low and have unexpected changes in 2017, will directly impact countries having the oil and gas industry, including Vietnam, as well as the PVN.
Deputy PM Trinh Dinh Dung at the PVN's conference
Along with facing difficulties in domestic projects, the sector has also countered fierce competition in the global market, he added.
In that context, Deputy PM Dung requested the group to actively tackle its shortcomings in projects, including the one on Dung Quat shipyard, and other projects that likely slow down.
At the same time, it is necessary to increase the overall quality of all projects, he asked, stressing the need to ensure safety and apply measures to enhance investment effectiveness to avoid losses and wastefulness.
According to PVN General Director Nguyen Vu Truong Son, in 2016, the group fulfilled all set goals. It increased the oil and gas reserve to 16.66 million tons, reaching 100 percent of the target, while exploring three new oil fields and exploiting three new fields of RC-9, Thien Ung and Su Tu Trang phase 1.
The group’s oil production was 17.23 million tons, completing the target 29 days ahead of schedule, and exceeding the set goal by 1.19 million tons. The company brought ashore 10.61 billion cubic meters of gas.
The firm’s industrial production last year reached VND 490 trillion (USD 21.3 billion), a 12 percent rise over the yearly target. It made revenues of VND 452.5 trillion (USD 19.67 billion), contributed VND 90.2 trillion (USD 3.96 billion) to the State budget, which was VND 10 trillion higher than the set target, and earned an after-tax profit of VND 24.4 trillion (USD 1.63 billion).
Son said that in 2017, the PVN will increase its control of activities in the East Sea (South China Sea), while speeding up exploration projects and restructuring plan.
Source: VNA