Oil and gas exploration and exploitation are key tasks of Viet Nam Oil and Gas Group this year. — Photo PVN

Of the figure, VND108 trillion has been sent to the State budget, up 23.5 per cent compared with its yearly target. The before-tax profit was VND43.8 trillion, up 40 per cent by the plan.

The information was released at a conference to review production and business results in 2019 and tasks for 2020 held in Ha Noi on Monday.

Speaking at the conference, Deputy Prime Minister Trinh Dinh Dung recognised the significant contribution of PVN to the country’s economy last year and pointed out challenges facing PVN’s production and business activities this year.

“The corporation’s mines are mainly in the last stages, reducing in volume. Meanwhile, there are very few new drilling rigs. The exploration and search for new mines still face many difficulties,” Dung said.

In order to implement the 2020 plan, Dung asked PVN to perform four important tasks, including safely, stably and efficiently operating oil and gas projects, enhancing oil and gas exploration and exploitation, strongly developing the gas industry, and accelerating key projects to ensure oil and gas, and electricity supply for the country.

PVN General Director Le Manh Hung said the group faced difficulties in 2019, with the financial mechanism for its parent company and restructuring scheme still waiting for approval.

However, it still basically met targets 2-60 days ahead of schedule.

Specifically, domestic and overseas oil exploitation surpassed 11 million and two million tonnes, 6 per cent and 5.3 per cent higher than the plan, respectively. Gas exploitation increased 5.2 per cent from the plan to more than 10 billion cu.m.

Also during 2019, PetroVietnam actively dealt with five poor projects and completed a report on PetroVietnam restructuring for the 2019 – 25 period.

As tasked, it will this year strive to tap 20.36 million tonnes of oil equivalent and produce 21.6 billion kWh of electricity, over 1.56 million tonnes of fertilisers and more than 11.8 million tonnes of fuel.

Its 2020 turnover is projected at over VND640 trillion and revenue to the State budget at more than VND82 trillion. — VNS

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