9th October in Ba Ria - Vung Tau, PVEP held a preliminary conference on the work of the first 9 months and implemented plan for the last 3 months of 2020.

Overview of the Conference

The Conference was led by PVEP Chairman Tran Hong Nam; President & CEO Tran Quoc Viet and Vice President &CFO Nguyen Thien Bao. Attending the meeting were leaders of the Company, representatives from the functional Divisions, branches, subsidiaries and joint operating companies of PVEP.

The report of PVEP said that in the first 9 months of 2020, due to the serious double effects of the Covid-19 pandemic and the shocking drop in oil prices on production and business activities, PVEP and Operators in the units / projects closely coordinated to find the essential response solutions, promptly proposed the group of overall solutions including: optimizing production output; cost reduction – reducing production cost; adjusting / extending investment progress; financial solutions, help ensure the existence of PVEP and maintain the operation of projects in the most optimal ways.

Presidium of the Conference

As a result, PVEP's production activities were ensured continuously, absolutely safe, oil production output and oil equivalent exceed the assigned plan; The implementation of response solutions has achieved initial results, partly supporting PVEP to ensure cash flow and financial indicators compared to the initial scenario.

Specifically, the output of PVEP in the first 9 months reached 2.88 million tons of oil, estimated at 101% of the 9-month plan and 76% of the year plan; Total revenue is estimated at 15.8 trillion VND, reaching 71% of the plan in the first 9 months and reaching 53% of the plan of the year; Profit before tax is estimated at 80 billion VND; Contribution to the State budget is 4.2 trillion VND, accounting for 68% of the plan for the first 9 months and 51% of the year plan.

In the last 3 months of the year, PVEP's production is estimated at 0.85 million tons of oil. In which, oil production of 0.58 million tons and export gas of 266 million m3.

Representatives of the Divisions, Member Units, Joint Operating Companies of PVEP present opinions and speeches at the Conference

At the Conference, representatives from functional Divisions, member units and joint operating companies presented on production and business activities in the first 9 months of 2020, directions for the last 3 months of the year as well as plans for 2021, along with difficulties, proposals and recommendations to the Corporation.

Dr. Tran Hong Nam - Chairman of PVEP speaks at the Conference

Dr. Tran Quoc Viet – President & CEO of PVEP

PVEP's leaders listened and answered in detail for each problem and thereby clarified many existing issues, as well as outlined plans and orientations for PVEP in general and each unit members in particular to work effectively in the coming time.

Speaking at the Conference, Chairman Tran Hong Nam and CEO Tran Quoc Viet acknowledged and highly appreciated the efforts of PVEP staffs in the past period.

PVEP leaders give the Trade Union's rewards to individuals with outstanding initiatives

In terms of plans and tasks for the coming time, Dr. Tran Hong Nam specially reminded all Divisions, Branches, and Units of implementing solutions, optimizing work, spending fees and people; solutions to FPSOs and FSOs; management issues, improving the quality of human resources ... PVEP leaders also called on staffs to focus on overcoming all difficulties to complete the 2020 output plan.