PetroVietnam Oil and Gas projects carried out ahead of schedule

PetroVietnam Oil and Gas projects carried out ahead of schedule

Information from PVN showed that in 11 months of 2016, PVN completed
investment and put into operation the RC -9 (9-lot) project at 6/6/2016
ahead by schedule by a month and 9 days, Tam Dao 5 self-lifting drilling rig
at 12/8/2016, and successfully launched the topside of BK Thien Ung gas
exploiting rig at 12/9/2016. Besides, the group also finished installation
of generator of the second unit of Thai Binh 2 thermal power plant at
12/4/2016.

Information also said that in 2016 PVN expects to reach the total petroleum
production in equivalent oil exceeded the year plan by about a million tons,
over 20 billion kWh of sale electricity, about 1.6 million of nitrogenous
fertilizer and 6 million tons of gasonline.

From the beginning of the year, PVN has repeatedly faced with deeply falling
oil price up to below $30 a barrenl for a long time that considerably
affected all activities of PVN. However, in 9 months the total production in
equivalent oil of PVN was 21.1 million tons exceeded the plan by 10%,
equivalent to 82.3% of the year plan. The industrial production value was
VND 369.5 thousand billion exceeded the plan by 11% to have an important
part in GDP growth rate of the country. The total turnover of PVN was VND
327.4 thousand billion and payment to state budged was VND 64 thousand
billion.

In the last months of 2016, PVN will continue to carry out exploitation of
3.88 million of crud oil (3.38 million tons from domestic fields and 0.5
million tons from oversea one) and 2.16 billion cubic meters of gas,
production of 5.8 billion kWh of sale eletricity, 417 thousand tons of
nitrogenous fertilizer and 1.469 tons of gasoline.

Therefore, the total turnover of PVN in 2016 will be about VND 514.5
thousand billion with a payment to state budged of VND 104.2 billion
(equivalent to $5 billion).

Regarding petroleum processing, the Dung Quat Refinery, Ca Mau and Phu My
Nitrogenous fertilizer Plants are increasingly proving high efficiency and
their important position in the economy Fertilizer Plants are increasingly
proving high efficiency and their important position in the economy by the
great market shares of gasoline and fertilizer.

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Link to Original Article:
http://nangluongvietnam.vn/news/en/oil-and-gas/petrovietnam-oil-and-gas-proj
ects-carried-out-ahead-of-schedule.html

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com