PVEP reaches the target of gas sales for the whole year in 2022

PetroVietnam Exploration Production Corporation (PVEP) has completed its gas sales target in 2022 with 830 million m3 of gas, 123 days earlier than with the plan.
PVEP reaches the target of gas sales for the whole year in 2022. (Source: Nhandan)
PVEP reaches the target of gas sales for the whole year in 2022. (Source: Nhandan)

According to PVEP, the gas sales target in 2022 has reached the finish line early thanks to the increased gas demand in the world due to the Russia-Ukraine crisis. Specifically, gas sales from PVEP's projects all increased compared to the plan; in which the Malaysian partner in the PM3 CAA block received gas outside the plan to increase 2.3 million m3 of gas/day; PVEP's Cuu Long JOC projects also produce an average of 1.7 million m3 of gas/day (an increase of 0.6 million m3 of gas/day compared to the plan).

In addition, the amount of gas exported from PVEP's PM3 CAA project through the PM3 Ca Mau gas pipeline to serve the input fuels of power and fertilizer plants in the Southeast region increased by 0.6 million m3 of gas. /day.

In the 8 months of 2022, PVEP has completed the oil and gas exploitation targets assigned by the Vietnam Oil and Gas Group (PVN). Accordingly, the total oil production is 2.52 million tons, exceeding 19% of the 8-month plan and equaling 79% of the year plan. In which, oil/condensate output reached 1.69 million tons, exceeding 7% of the 8-month plan and equaling 72% of the year plan; gas sales volume reached 834 million m3, exceeding 50% of the 8 month plan and equal to 100% of the year plan.

In 2022, PVEP is assigned by PVN with an oil and gas exploitation plan of 3.18 million tons of oil equivalent. To complete the assigned plans, right from the beginning of the year, PVEP has developed a detailed plan for each solution system, the work items for each level of implementation that need to be closely followed, coordinated and promoted by the operator. optimal operation for each well and mine.

PVEP has implemented solutions to improve oil recovery coefficient; optimize the exploitation of wells, increase the flow of exploitation of potential wells within the field safety threshold, to ensure the domestic and foreign oil and gas exploitation output according to the assigned plan.

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(Source: VNA)