Vietnam Oil and Gas Group summarizes service activities in 2016

04:56' CH - Friday, 12/05/2017

On 6th May 2017, Vietnam Oil and Gas Group held a conference to summarize service activities in 2016 and implement the plan in 2017 in Ba Ria - Vung Tau province.

Reporting the performance of service activities in 2016, Mr. Nguyen Hung Dung, Deputy General Director of Vietnam Oil and Gas Group (PVN), said that in 2016, crude oil prices continue to fall sharply and continue to remain low, leading to the reduction or cutoff in the exploration, exploitation activities and development of the mines, investment in the field of oil and gas, which make implementation of the operation of the oil and gas service companies are severely reduced.

Mr. Nguyen Hung Dung reports the performance of service activities in 2016

In addition, the fierce competition in the petroleum services market and related services in the industry has increased dramatically. The reason is that many foreign petroleum service providers with great potential in terms of facilities, equipment, experience, finance... are willing to lower the price on the market when offering at the lower price than the actual operating cost of production for the goal of employment.

Overcoming difficulties and challenges mentioned above, the Group has completed the plan with the revenue of oil and gas services in 2016 reached 150 trillion, equal to 100% of the year plan. The operation of some service member companies reached or exceeded the annual plan, such as PV Trans, PTSC, PVI, PVMR ... Besides, there are also member companies such as PV Drilling, DMC, DQS facing difficulties.

The Group’s leaders presided over the conference

In general, the service companies constantly affirmed the capacity, experience as well as the quality of services provided to oil and gas contractors in Vietnam, with a team of highly skilled specialists, replacing many positions which must hire foreign experts, who are qualified as general contractors to perform works which must have previously hired foreign contractors or contractors outside the branch. Services offered are increasing in both quantity and quality. The member companies always actively balance and concentrate investing resources, technical facilities to meet the best requirements of the market.

In 2017, the Group's leaders set the goal of maintaining the market share of traditional services, focusing on the development of high quality technical services such as drilling and well technology; Seismic survey service; seismic interpretation; Geological engineering works, survey and repair of underground works; Design services, manufacture, construction and installation of petroleum projects; New building services, floating facilities operation…

Mr. Dinh Van Son, member of the Group's Board giving opinions at the conference

Group leaders regularly keep track of oil price movements in 2017 to guide and timely respond to the fluctuations in oil prices throughout the year; To prioritize the use of the services of the Group in the country on the basis of capacity and in accordance with the Law on Procurement.

At the conference, delegates representing service users and service providers presented presentations highlighting the current difficult issues. The delegates exchanged frankly and together with the Group leaders sought to remove the bottlenecks in the provision and use of services to enhance the cooperation and support among the member units, in order to overcome the difficult period in the coming time.

The conference

Chairman of the Conference, Mr. Nguyen Vu Truong Son, in charge person of the Board, CEO of PVN, appreciated the hard work to achieve the satisfactory results of the service companies in the past year though facing with many difficulties and challenges.

Nguyen Vu Truong Son addressed the conference

Mr. Nguyen Vu Truong Son has the following orientations: It is necessary to have planning for the development of services, which must become the orientation for all service units to build and develop their further investment plans; Restructuring of units is an urgent and important need, which will help to overcome this difficult period, especially loss units, which is also the focus of the Group regarding restructuring of service units; The improvement of the management system of service units should be stepped up to ensure that the mechanism is strong and that the unit develops on the basis of self-reliance and market mechanism.

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PVI Financial Statements 2016

PVI would like to present the audited financial statements of the year 2016 to our valued shareholders, clients and partners
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