Petro Vietnam hits oil target 29 days early

Hanoi (VNA) - The Vietnam National Oil and Gas Group (PetroVietnam) has reported its completed production of oil 29 days ahead of schedule, with the 14.02 million tonnes target achieved on December 2.

The state-owned energy giant also announced that its financial result was above the target by 5-18 percent in eleven months of this year.

This achievement was based on the oil price of 45 USD per barrel projected by the government at the beginning of the year.

Its 11-month report says the whole group, including affiliates and subsidiaries, earned 406.2 trillion VND (nearly 18 billion USD), a rise of 5.4 percent over the target for the period and 93 percent of the goal set for the whole year.

Tax payment to the state budget was 79.6 trillion USD, up 7 percent over the 11-month target and almost achieving the government’s full-year goal.

Global oil price averaged 48 USD per barrel in November and 43.9 USD in the eleven months. Brent crude is moving around 50-53 USD per barrel.

For production activity, besides crude oil, PetroVietnam reported its gas and petroleum production achieved the government’s annual targets one month earlier.

Ending November, the State-owned energy giant produced 9.63 billion cu.m of natural gas, up 0.2 percent of the target set for the whole year.

Petrol output reached 6.26 million tonnes, a rise of 10 percent over the annual projection.

Production of other products, including electricity and fertilizer, was above the target of 11 months by less than two percent --19.23 billion kWh of electricity and 1.47 million tonnes of fertiliser.-VNA