PetroVietnam fulfills yearly production targets ahead of schedule in 2018. (Photo: pvn.vn)Hanoi(VNA) – The Vietnam Oil and Gas Group (PetroVietnam) reported on December 10that it has exploited over 11.31 million tonnes of crude oil, fulfilling thisyear’s target.
PetroVietnam hasexerted efforts to achieve the goal in spite of decreasing reserves of majoroil fields while new oil fields are small with low reserves. The group has alsobeen put under strong pressure from the fluctuation in global oil prices andthe urge of lowering cost per barrel.
By 3:00pm ofDecember 11, the State-run firm is scheduled to extract a total of more than13.22 million tonnes of crude oil both at home and overseas, reaching theyearly target 21 days ahead of schedule.
As of 5:00pm ofDecember 16, the company is likely to produce 9.6 billion cu.m of gas to attainthis year’s goal 15 days ahead the schedule.
Along with oil and gas, the firmalso enjoyed high production of other products, including 18.99 billion kWh ofelectricity, 1.477 million tonnes of nitrogenous fertilizer, and 8.53 milliontonnes of petroleum.
From January-November, thanks tohigh output and higher oil prices than expected, total revenue of the group hit542.34 trillion VND (23.32 billion USD), exceeding the target by 16.8 percentand surpassing the yearly plan by 2.2 percent.
The firm contributed 108.12trillion VND (4.64 billion USD) to the State budget in the first 11 months,46.7 percent higher than its target for the whole year.
Many member companies of thegroup have already completed their goals for the whole year. Specifically, the PetroVietnam Gas (PV GAS) posted revenue and after-tax profit of 66.3 trillion VND and 10.1 trillionVND, surpassing its targets by 12 percent and 57 percent respectively.
Binh Son Refinery (BSR) surpassedits targets by 33 percent and 50 percent in terms of revenue and after-taxprofit to reach 103.9 trillion VND and 4.9 trillion VND respectively.
The PV GASreported revenue of 66.3 trillion VND and after-tax profit of 10.1 trillion VNDin the first 11 months of the year, surpassing its targets by 34 percent and 58percent.
The PetroVietnam Insurance (PVI)and the PetroVietnam Ca Mau Fertiliser Company (PVCFC) also surpassed theirprofit targets.-VNA
VNA
