PVN sets target of adding up to 30m tonnes to oil reserves

Viet Nam News

It was important to choose appropriate technical solutions and management solutions to be applied at marginal fields to enhance their efficiency.

Increasing reserves was the first priority of the PVN in 2019 to ensure production output, the PVN said.

The PVN reported the total exploited oil and gas output at 3.85 million tonnes in the first two months of this year, representing an increase of 7 per cent against the company’s target.

It earned revenue of VNĐ111.8 trillion (US$4.8 billion) in January-February.                           

In 2018, the PVN exploited nearly 24 tonnes of oil equivalent and add 12.34 million tonnes of reserves.

Crude oil exports

Statistics of the General Department of Customs showed that in February, Việt Nam exported more than 232,250 tonnes crude oil to earn more than $112 million, representing a drop of 52.3 per cent in volume and 50.4 per cent in value over the previous month.

The average export price of crude oil in February hit $482.6 per tonne, up by 4 per cent.

For the first two months of this year, crude oil exports hit 719,259 tonnes, worth $337.3 million, up 7.1 per cent in volume but down 7.9 per cent in value compared to the same period last year.

China was the largest importer of Việt Nam’s crude oil in January-February with volume of 320,500 tonnes and value of $150.6 million, up 86 per cent and 55 per cent, respectively.

Thailand came second with import value reaching $94.35 million, up by 19.3 per cent.

Việt Nam’s crude oil exports to Malaysia posted the highest increase rate in the first two months of this year, up 107.9 per cent in volume to 93,462 tonnes, worth $42.21 million, up by 75 per cent in value.

Việt Nam also imported 1.46 million tonnes crude oil in January-February, worth $635.4 million, 9.1 times higher in volume and 15.2 times higher in value than the same period last year. — VNS




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