PetroVietnam surpasses production target in five months

Hanoi (VNA) – The Vietnam National Oil and Gas Group (PetroVietnam) saw its production surpassing the target set by the Government by 7.7 percent in the past five months.

PetroVietnam said it exploited 2.25 million tonnes of oil equivalent in May, 10.4 percent higher than the set plan, bringing the exploitation of oil equivalent to 11 million tonnes in the five-month period.

Thanks to its higher production of electricity, petrol and oil, and nitrogenous fertilizer, the firm’s total revenue in the Jan-May period hit 204.8 trillion VND (over 9 billion USD), contributing 35.6 trillion VND (nearly 1.57 billion USD) to the State budget.

According Deputy General Director of PetroVietnam Nguyen Quoc Thap, if the price of crude oil continues remaining stable as at present, the firm will complete and surpass the revenue plan set for 2017.

In the coming time, the firm will focus on strictly managing exploitation activities and applying scientific and technological solutions in order to save production costs and improve production performance.

Attention will be paid to developing potential fields and enhancing exploration activities in potential areas.

In 2017, PetroVietnam strives to exploit some 23.81 million tonnes of oil equivalent, generate 20.1 billion kWh of electricity, produce 1.52 million tonnes of nitrogenous fertilizer, and about 6.8 million tonnes of gasoline. - VNA