This figure met the group’s annual target and 2016 is the eighth consecutive year in which PetroVietnam’s mining production has exceeded the target set by the government. PetroVietnam also exploited around 9.6 billion cubic meters of gas this year.
According to the group’s spokesman, the financial indicators of PetroVietnam has been effected negatively as low global oil prices in 2016 with an average price of around 44 USD per barrel. So from early on in the year, the group actively implemented synchronous solutions to ensure there was mining production.
The group has taken several steps to improve its oil recovery factors, its operation systems, and the repair and maintenance of equipment. Two giant oil platforms - RC-9 and Thien Ung oil rigs - have also been put into operation. Most of PetroVietnam’s mines have met their annual targets or even exceeded them. PetroVietnam is operating in more than 30 oil and gas mines across the country.
The group’s representative said, the results were fruitful mainly because of the group’s robust performance in mine management, optimization of exploitation operations and the excellent condition of some mines.
