Petrovietnam pushes initiatives to sustain oil tỷ lệ kèo nhà cái 88 gas production

Vietnam National Oil tỷ lệ kèo nhà cái 88 Gas Group (Petrovietnam) is actively pursuing strategies to ensure the continuity of oil tỷ lệ kèo nhà cái 88 gas production in 2023 in the face of various challenges in its production tỷ lệ kèo nhà cái 88 business operations.

At the meeting. — Photo courtesy of Petrovietnam

This becomes especially crucial as many of Việt Nam's key oil fields are experiencing natural declines, tỷ lệ kèo nhà cái 88 several member units lack the capacity for substantial investments in new mining ventures.

According to Petrovietnam, the current market supply tỷ lệ kèo nhà cái 88 demand conditions have exhibited several shortcomings since the beginning of the year. These include a low capacity to mobilise electricity, resulting in significantly lower gas procurement than planned tỷ lệ kèo nhà cái 88 in comparison to previous periods.

Consequently, there is an excess of gas production, which has repercussions on the targets for crude oil production. Additionally, it hampers the achievement of long-term reserve increases tỷ lệ kèo nhà cái 88 planned production expansions for these units. Simultaneously, the drilling plan encounters challenges in procuring floating vehicles tỷ lệ kèo nhà cái 88 drilling rigs due to a competitive market environment tỷ lệ kèo nhà cái 88 soaring rental costs.

Notably, certain units face constraints due to impending expiration of oil tỷ lệ kèo nhà cái 88 gas contracts, affecting field development tỷ lệ kèo nhà cái 88 the extension of operational areas. Furthermore, some mining clusters grapple with complex geological formations tỷ lệ kèo nhà cái 88 mining technology, which significantly impacts mining efficiency. Joint Operating Companies (JOCs) primarily contend with equipment wear tỷ lệ kèo nhà cái 88 damage after years of continuous operation, necessitating prompt maintenance, repair, tỷ lệ kèo nhà cái 88 replacement to mitigate the risk of falling short on gas mobilisation targets.

In alignment with the directives of the Government tỷ lệ kèo nhà cái 88 the resolutions of the Standing Committee of the Petrovietnam’s Party Committee, on September 19, Petrovietnam’s General Director, Lê Mạnh Hùng, issued Directive No. 6167/CT-DKVN. This directive outlines updated objectives tỷ lệ kèo nhà cái 88 strategies aimed at securing the 2023 management plan. It encompasses five distinct solution groups, which focus on production improvement, business enhancements, financial stability, strategic investments tỷ lệ kèo nhà cái 88 strengthening value chain connections.

To put these solutions into action, General Director Lê Mạnh Hùng conducted a direct meeting with Petrovietnam's operational units tỷ lệ kèo nhà cái 88 its oil tỷ lệ kèo nhà cái 88 gas contractors managing blocks tỷ lệ kèo nhà cái 88 fields on the Vietnamese continental shelf on Friday to review the situation tỷ lệ kèo nhà cái 88 propose solutions to ensure the successful execution of the 2023 oil tỷ lệ kèo nhà cái 88 gas exploitation plan.

Petrovietnam's general director Lê Mạnh Hùng inspects the Sao Vàng CPP project in Bà Rịa-Vũng Tàu Province.

At the meeting, operators such as Vietsovpetro, BIENDONG POC, Idemitsu, PVEP-POC, Cửu Long JOC, Hoàng Long - Hoàn Vũ JOC, tỷ lệ kèo nhà cái 88 JVPC presented various geological, engineering, tỷ lệ kèo nhà cái 88 technology solutions to ensure sustained production throughout 2023. They also discussed opportunities for future output increases.

Furthermore, the units requested support from the group in resolving legal issues tỷ lệ kèo nhà cái 88 expediting government approvals for mine development tỷ lệ kèo nhà cái 88 contract extensions, preparing for the next phases of growth.

In response to the proposed solutions by the executives, General Director Lê Mạnh Hùng emphasised the importance of ongoing efforts in volatility management, cost control tỷ lệ kèo nhà cái 88 vigilant monitoring of market trends. He urged the units to implement exploitation activities judiciously, particularly seizing opportunities for increased cash flow tỷ lệ kèo nhà cái 88 profitability during favorable oil price periods.

Hùng further called for a thorough review tỷ lệ kèo nhà cái 88 reevaluation of limitations tỷ lệ kèo nhà cái 88 risks, accompanied by the formulation of effective mitigation plans. He stressed the need to prioritise solutions aimed at enhancing management tỷ lệ kèo nhà cái 88 operational efficiency, reducing costs, tỷ lệ kèo nhà cái 88 implementing technical measures to improve the oil recovery coefficient. Additionally, he encouraged the units to combat the natural output decline tỷ lệ kèo nhà cái 88 remain dedicated to overseeing tỷ lệ kèo nhà cái 88 advancing investment projects in exploration tỷ lệ kèo nhà cái 88 exploitation.

Furthermore, he emphasised the continued effective execution of existing value chains tỷ lệ kèo nhà cái 88 the collaboration in developing new value chains to maximise available resources tỷ lệ kèo nhà cái 88 infrastructure. This collaborative effort is essential for realising the full potential of the investment value chain, ultimately leading to increased revenue tỷ lệ kèo nhà cái 88 profits.

In the first eight months of 2023, PVN has surpassed its production targets, exceeding the assigned plans by an impressive margin ranging from 3 per cent to 29 per cent. Notably, crude oil production reached 7.06 million tonnes, surpassing the plan by 14.5 per cent.

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