By : Franyi Sarmiento, Ph.D., Inspenet, June 8, 2022
The Vietnam National Oil and Gas Group (PVN) exceeded the crude oil extraction plan for the first five months of 2022 by more than 22%.
Despite numerous difficulties, the production volume from January to May of this year reached 4.55 million tons of oil, due to the fact that the main fields achieved high exploitation coefficients, said a note from the entity.
Listing the setbacks faced in order to help guarantee energy security and the country’s economic recovery, the PVN mentioned the conflict between Russia and Ukraine, which, according to the note, caused interruptions in the supply chain, strong inflation and high prices. of food and energy.
This situation also has an impact on freight rates, inputs and operating costs, and creates a risk of interruption of supplies of equipment and other materials; which affected and will affect operations.
On the other hand, according to the VNA news agency, after a long time of exploitation, the existing oil and gas fields in the country tend to have a great decrease in production.
In addition, the reserve compensation ratio is not guaranteed and the new fields in development are mainly small.
The PVN synchronously implemented multiple solutions to maintain production, thus contributing both to ensuring the country’s energy supply and increasing its contribution to the national budget given the increase in the price of crude oil.
Source : https://www.prensa-latina.cu/2022/06/06/sobrepaso-vietnam-plan-de-extraction-de-petroleo
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