PetroVietnam exceeds two-month exploitation target hinh anh 1Illustrative image (Photo: VNA)

Hanoi (VNA) – The Vietnam Oil and Gas Group (PetroVietnam) has reported that its exploitation in the first two months of 2020 exceeded the set plan by 11.5 percent.

Apart from the exploitation activity, the firm’s operations in other production fields also surpassed the plan.

PetroVietnam’s electricity production in the reviewed period was estimated to reach 3.23 billion kWh, 13.8 percent higher than the set plan. Meanwhile, its nitrogen and petroleum production was estimated at 304,800 tonnes and 2.41 million tonnes, up 10.4 percent and 9.3 percent against the targets, respectively.

Thanks to output higher than expected, the State-run firm’s total revenue hit 116 trillion VND (over 5 billion USD), exceeding the target by 5.1 percent. The group contributed an estimated 14.3 trillion VND to the State budget.

According to General Director Le Manh Hung, the group’s production and business in the last two months also faced many difficulties due to the impact caused by the COVID-19 on the global and national economy.

The supply of oil and gas service of the group's subsidiaries in the international market has also met difficulties because of the epidemic.

From early February, PetroVietnam directed its member units to do well the market forecast and build special response scenarios in production, business, inventory and transport.

With timely solutions, the group and its subsidiaries have maintained stable and safe production and business.

In the coming time, it will focus on reducing production cost, optimising resources in accordance with market fluctuations, towards completing the annual and periodic plans, Hung said.

PetroVietnam’s member units will continue to work closely to maximise resources of the group such as materials and human resources.

It will also accelerate the implementation of investment projects, seek investment opportunities for chains of linked projects, expand markets, take advantage of opportunities from free trade agreements, and promote exports to reduce inventories./.