On February 23, Dr. Le Manh Hung – President & CEO of Vietnam Oil and Gas Group (Petrovietnam) presided over the meeting between PetroVietnam and PVEP on the implementation of business and production plan in 2021.

Attending the meeting were PVN Vice Presidents Pham Tien Dung and Nguyen Van Mau, representatives from Divisions / Offices of the Group. For PVEP, there were Chairman of the Board Tran Hong Nam, CEO Tran Quoc Viet, members from the board of management and representatives of functional Divisions, member units/ project / joint venture of PVEP. The meeting was held online in Hanoi and Ho Chi Minh City.

PetroVietnam leaders work with PVEP to implement the business and production plan in 2021

Dr. Le Manh Hung emphasized that the Group has just overcome many difficulties in 2020, exceeding many important targets and tasks. In particular, PVN and its affiliates have maintained stable, safe, continuous and effective production in difficult circumstances. On the basis of analyzing the problems, lessons learned in 2020, and identifying risks, challenges and opportunities of 2021, PVEP is the very first unit that the Group works with in 2021.

PVEP has urgently implemented the tasks of 2021 right from the beginning of the year, ensuring oil and gas exploration and production to be carried out efficiently and safely. With great efforts, PVEP has exceeded the plan in the first 2 months. Specifically, in the first 2 months of 2021, PVEP has produced 0.58 million tons of oil, equal to 104% of the plan. In which, crude oil and condensate production reached 0.42 million tons, equal to 102%; gas output reached 157 million m3, equaling 108%. Regarding financial indicators, total revenue of PVEP in 2 months is estimated at 4,097 billion VND, contributing 1,035 billion VND to the state budget. In the year 2021, PVEP aims to increase the reserve to about 0.67 million tons of oil, the output will reach 3.37 million tons of oil; strive to pay the State budget in 2021 about 4,485 billion dong.

PVEP focuses on five key tasks, which are receiving First Gas of Su Tu Trang field phase 2A in the second quarter; Signing contract of block 01/17 & 02/17; Building scenarios to cope with oil price movements in 2021 and the following years; Implementing tasks and solutions to break through the business model, in legal terms and on investment; Controlling costs, innovating and improving management efficiency.

PVEP also proposed a number of specific solutions to implement the planned tasks in 2021, focusing on groups of solutions: ensuring cash flow; ensure production targets; cost savings; solutions for investment and management

At the meeting, leaders of PVN and PVEP discussed, analyzed and clarified some problems in building the plan and implementing the tasks for 2021 of PVEP. Also, leaders of the Group and functional divisions gave their opinions on the proposals of PVEP.

CEO of PetroVietnam Le Manh Hung concludes the meeting

Concluding the meeting, Dr. Le Manh Hung acknowledged and praised PVEP's efforts in fulfilling the targets and plans of 2020, especially the staff and employees who are directly working at projects, in the context of COVID-19 epidemic.

In the year 2021 as well as the following years of the period 2021-2025, in addition to the implementation of business tasks, Dr. Le Manh Hung requested PVEP to continue to maintain safe production, taking care of absolute safety for people, facilities and projects. At the same time, PVEP needs to develop specific operating scenarios for each block and project to ensure production and revenue. CEO of PetroVietnam also requested PVEP to research, evaluate and forecast about the market, from which to develop target plans to operate production and business activities efficiently. Besides, researching to expand the scope of activities and optimizing costs.

CEO Le Manh Hung also requested the Group's divisions to coordinate with PVEP in early resolving its proposals and ensuring stable operations. Leaders of PetroVietnam pledged to facilitate and support PVEP in implementing the tasks of the year 2021. Dr. Hung strongly believes that PVEP will achieve more positive results, making important contributions to the overall operation of the Group.