Total revenue of the Vietnam Oil and Gas Group (PetroVietnam) in the first seven months of the year is estimated to fall 4 percent year-on-year due to an oil price decrease of around 8.8 USD per barrel.

This information was reported by PetroVietnam’s Deputy General Director Nguyen Vu Truong Son during an online meeting of the Ministry of Industry and Trade on August 5.

However, PetroVietnam contributed 96.3 trillion VND (4.58 billion USD) to the State budget in the January-July period, up 1 percent year-on-year, Son said.

The group reported that petroleum output in July is estimated at 520,700 tonnes, up 25.5 percent over the same period last year, bringing total production for the January-July period to over 3.8 million tonnes, up 28.1 percent year-on-year.

PetroVietnam also extracted 9.7 million tonnes of crude oil in the first seven months of this year, a 1.3 percent year-on-year rise.

Gas exploitation in the period totalled 60.1 billion cubic metres, up 9.7 percent against the same period in 2012.-VNA