To implement Resolution No. 12 of the 5th plenum of the 12th Party Central Committee on continuing to restructure, innovate and raise the efficiency of State enterprises; Resolution No. 18 of the 12th Central Committee of the Party Central Committee on "Some issues on continuing to renovate and organize the apparatus of the political system, streamlined, effective and practical"; to effectively implement the targets set by the Politburo's Resolution 41-NQ/TW on "Development strategy of Vietnam Oil and Gas Industry up to 2025 and vision of 2035", PVN’s restructuring and arrangement of apparatus in a streamlined and efficient manner was drastically implemented by the Group’s Party Committee, and Members of the Board which received very high consensus in the whole political system of the Group. In parallel with the restructuring of the executive apparatus, PVN also arranged personnels to departments and offices in accordance with their abilities and experience, based on the … [Read more...] about Restructuring at Vietnam Oil and Gas Group: Practical, streamlined and effective!
A worker in Bach Ho oil well (Photo: VNA) Hanoi (VNA) – Vietnam’s oil and gas output hit an estimated 2.05 million equivalent tonnes in January, surpassing the monthly target by 5.8 percent. According to the Vietnam Oil and Gas Group (PetroVietnam), of the sum, oil exploitation volume was 1.13 million tonnes and gas output reached 0.92 billion cubic metres, 3.7 and 8.6 percent higher than planned, respectively. In addition, the group’s urea fertiliser production came to 142,940 tonnes, up 4.4 percent compared to the planned figure. Petrol and oil production also increased to more than 1.12 million tonnes, exceeding the monthly quota by 6.7 percent. As a result, the group earned about 56.8 trillion VND (2.44 billion USD) in revenue and contributed 8.2 trillion VND (353.68 million USD) to the State budget. Also in January, PetroVietnam spent more than 3 billion VND (129,385 USD) on social welfare, like building houses or presenting gifts to disadvantaged … [Read more...] about January’s oil & gas exploitation exceeds plan
National Assembly Chairwoman Nguyen Thi Kim Ngan (R) shakes hands with executives of PetroVietnam at the working session on January 17 (Photo: VNA) Hanoi (VNA) – National Assembly (NA) Chairwoman Nguyen Thi Kim Ngan had a working session with the Vietnam National Oil and Gas Group (PetroVietnam) in Hanoi on January 17, promising to handle difficulties in terms of policies and laws facing this sector. The top legislator recognised the firm’s achievements last year, including surpassing the crude oil exploitation target and restructuring its apparatus. It contributed more than 120 trillion VND (over 5 billion USD) to the State budget despite numerous difficulties. She said PetroVietnam’s activities have helped ensure energy security for national socio-economic development, industrialisation and modernisation. The Party and State highly value the group’s important role in national development and defence, she noted, adding that the NA pays special … [Read more...] about NA to address policy obstacles facing oil & gas sector
Photo for illustrationIn his opening speech, BSR General Director Tran Ngoc Nguyen said the Dung Quat Oil Refinery Plant has been operating continuously, safely and stably at a maximum capacity. Production output in the first 8 months of the year reached an estimated 4.71 million tons, earning revenue of more than VND73.9 trillion and paying VND7.47 trillion to the State budget. He stressed that BSR’s staff continued to follow the generation of fire seekers who search for oil from deep wells 30 years ago to develop the oil and gas processing field more professionally. Mr. Ngo Thuong San, Chairman of the Vietnam Petroleum Association and former General Director of the Vietnam National Oil and Gas Corporation, reviewed the history of seeking oil in Vietnam. 30 years ago, on September 9th, 1988, Vietsovpetro Joint Venture exploited the first tone of commercial oil from Bach Ho field with a very large area of nearly 60 square kilometers. The discovery set a precedent in world oil … [Read more...] about BSR reviews oil exploitation history
VietNamNet Bridge - The report on the GDP growth scenario of Vietnam in 2018 does not include the strengthening of oil exploitation, which had been expected. The world oil price saw strong recovery in the first months of the year The world oil price saw strong recovery in the first months of the year. In May, the Brent oil price, for the first time in the last four years, climbed to $80 per barrel. The price decreased later, but only slightly, now hovering around $76.44 per barrel. Will Vietnam consider strengthening oil exploitation to take full advantage of the oil price hike to boost growth? In mid-2015, the exploitation of more oil to ensure GDP growth was put forward at the National Assembly’s session. Vietnam’s GDP growth rate then was at a half-decade high. At the same time last year, at the National Assembly’s third session, the government proposed to exploit one million more ton of oil to gain the targeted growth rate of 6.7 percent in 2018. The … [Read more...] about Will Vietnam exploit more oil for higher GDP growth?