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added: “Pertamina must continue to work hard to be able to withstand the natural decline rate and at the same time increase oil and gas pro- duction, considering the wells being managed are mature.”
Alongside the expanding drilling programme for this year, the company also intends to acquire 31,000 km of 2D seismic data – a 500% y/y
increase – and more than 1,000 square km of 3D seismic data – up 55% y/y.
Commenting on the collapse in oil prices this week, which has seen Brent slip below $40 per barrel, Pertamina upstream direc- tor Dharmawan Samsu said the company’s drilling and investment activities would not be affected.
PetroVietnam’s oil output exceeds government targets
PERFORMANCE
STATE-OWNED PetroVietnam has said it exceeded its government set oil and gas produc- tion target for the first two months of the year by 9.3%.
The company produced an estimated 2.41mn tonnes of oil in the period, or an average of 294,000 barrels per day, the Vietnam News Agency reported on March 9.
Vietnam’s crude oil production declined by 7.9% year on year in 2019 to 222,000 bpd. Domestic output has been in steady decline since reaching 2015, when output was recorded at 339,000 bpd. PetroVietnam has been investing in overseas projects to compensate for maturing fields at home and the group’s international arm, PetroVietnam Exploration Production (PVEP) has 11 petroleum projects overseas
PetroVietnam’s power production exceeded the government’s target by 13.8% to reach 3.23bn kWh, while nitrogen output was 10.4% higher at 304,800 tonnes. Group revenue reached VND 116tn ($4.99bn), which was 5.1% above target and led to the group contributing VND14.3tn ($616.1mn) to the state budget.
PetroVietnam’s general director, Le Manh Hung, said the spread of the coronavirus (COVID-19) had hampered the company’s international oil and gas operations. In look- ing forward, however, Hung said his company would focus on reducing production costs and optimising operations.
In other news, South Korean media outlet Aju News reported on March 11 that the state company had signed an agreement with several
Korean partners to develop a delayed $250mn underground oil storage facility in the Dung Quat Economic Zone.
Aju News said Korea National Oil Corp. (KNOC), LT Sambo, Koramco Asset Man- agement and Korea Overseas Infrastructure & Urban Development (KIND) would take part in the project.
PetroVietnam Oil Stockpile (PVOS) was given the green light to start building the 1mn cubic metre (6.29mn barrel) facility in 2016, but work has delayed.
State-run KNOC will provide technologi- cal support, operation and management and Koramco Asset Management will oversee financing, while LT Sambo and South Korean petrochemical company Pields Engineering will team up to provide design, procurement and construction services. KIND will invest in the project.
Week 10 12•March•2020 w w w . N E W S B A S E . c o m P7
