The PetroVietnam Exploration and Production Corp (PVEP) tapped 1.8
million tonnes of oil and 701 million cu.m of gas in the first half of
2013, surpassing its targets by 6 percent and 17 percent respectively.
In the period, PVEP also signed two new oil and gas contracts
with domestic partners and put four new oil fields into operation, one
of which pumped the first oil stream.
In the remaining half of
this year, PVEP needs to make every effort to complete its planned
output targets.
This is a great challenge to the corporation as reserves
in operating fields are falling sharply while the new small ones are
likely to see their progress behind of schedule.
Meanwhile, the
development of oil projects comes up against difficulties because of
the economic downturn in the world and unstable political situation in
countries with oil potential.
Difficulties in capital sources and lack of high-quality human resources also hinder PVEP from fulfilling its targets.
PVEP is promoting geological and geophysical surveys to locate
drilling areas for the building standby drilling rigs to raise oil
reserves.
It is also strictly controlling the progress and
cost of exploitation and exploitation projects while actively
implementing research on non-traditional fields such as hard oil,
bitumen, coal gas, shale gas.-VNA