PetroVietnam shows strong performance despite oil price fall

The National Oil and Gas Group (PetroVietnam) earned 428.3 trillion VND (roughly 19.45 billion USD) in the first nine months of this year, fulfilling 60 percent of its yearly target despite a sharp drop in oil prices, Nguyen Quoc Khanh, acting chairman and general director of the group, said on October 16.

According to Khanh, PetroVietnam’s revenue and production targets were affected by low oil prices in the first nine months of the year. The price in the last quarter of this year is estimated at about 50 USD per barrel – much lower than the group’s earlier expectation of 100 USD per barrel.

The group still performed well in production, Khanh said, noting that total output reached 21.86 million tonnes (as converted to oil), equivalent to 82.2 percent of the yearly target, a rise of 7.4 percent year on year.

Of the figure, crude oil made up 13.96 million tonnes, up 9.8 percent over the same period last year. Meanwhile, gas exploitation was 7.9 billion cubic metres, or 80.6 percent of the target for the year, representing an increase of 3.4 percent over the same time in 2014, he said.

In 2015, PetroVietnam will strive for a total 17.58 million tonnes in oil output, 0.78 million higher than the set target, and 10 billion cubic metres of gas, 0.2 billion cubic metres more than the yearly goal.

At the same time, the firm will strengthen international cooperation, seeking new overseas projects, while calling for investment from prestigious companies and developing new products such as fibre and bio-fuel.

Also on October 16, Nguyen Quoc Thap, PetroVietnam’s deputy general director, told the media that the group would organise a conference and exhibition themed “PetroVietnam – 40 years of integration and development” in Ho Chi Minh City from October 21 to 23. It is expected to draw 80 Vietnamese and foreign enterprises.-VNA