PVEP's total output in the first quarter of 2019 reached 1.17 / 2.51 million tons of oil. In particular, oil production reached 0.81 million tons (reaching 103% of the quarter plan) and gas sold of 362 million m3 (reaching 105% of the quarter plan).

Entering 2019, the oil price continue to be complicated, along with a number of outstanding problems in investment procedures and financial mechanisms that have directly affected the production and business activities of PVEP. However, with specific orientations, PVEP has operated safely and efficiently production and business, exceeding the planned targets.

Total revenue is estimated at VND 9,037 billion, reaching 101% of the plan for the first quarter; EBT is estimated at 2,739 billion dong, reaching 141% of the first quarter plan; after-tax profit is estimated at 1,130 billion dong, reaching 103% of the first quarter plan and reaching 27% of the year plan; paying 2.525 billion VND to the State budget, gaining 101% of the plan for the first quarter.

Central Platform of Su Tu Vang Field

In the first quarter of 2019, PVEP implemented 04 exploration wells, increasing reserves to date has reached 1.21 million tons of oil. PVEP has focused on implementing Block 09-3 / 12 Project (Ca Tam Field) to have first oil on January 25^th 2019 with an average current output of about 9,000 barrels / day, controlling the system operation of the current fields to ensure the output plan, along with developing projects.

Investment activities of PVEP are reviewed and implemented based on consideration of the necessary level / matching the technical condition and economic efficiency / legal procedures. As a result, the value of investment (Capex) in the first quarter of 2019 is estimated at US $ 57.51 million (equivalent to VND 1,323 billion) and the operating cost of operation (Opex) is estimated at US $ 106.40 million (equivalent to VND 2,447 billion.

The safety and security in domestic and international projects were secured, no serious accidents that affect the production process as well as affecting officials and employees. PVEP also actively monitored, implemented and coped with the irregular weather at sea, complied with the regulations of PVN / PVEP, ensured safety for the activities of the Company and Subsidiaries. Besides, the social activities and health care of officials and employees are always concerned, fully and responsibly implemented by PVEP and socio-political organizations.

Also in the first quarter, PVEP has restructured the management and administration apparatus of the Company and submitted the general restructuring plan for the period of 2017-2020. Besides, PVEP continues to systematize and complete legal documents to support the management.

In order to fulfill the tasks of the second quarter, PVEP will control the daily output in compared with the assigned plan, regularly update the data, review and analyze to make recommendations to optimize production with the purpose of 0.68 million tons of oil and 308 million cubic meters of gas in the quarter. Along with that, PVEP will continue to implement synchronous solutions in the financial sector.

For PVEP, the important goals in the coming time is to continue to restructure, innovate businesses, actively arrange and mobilize personnel in consistent with the business activities.