The Vietnam Oil and Gas Group (PetroVietnam) targets nearly 383 trillion VND (18.2 billion USD) in revenue during the last six months of 2015, paying 87 trillion VND (4.1 billion USD) to the State coffer.

According to the first half year report, PetroVietnam’s revenue totalled 296.1 trillion VND (14.1 billion USD), paying 63.6 trillion VND (three billion USD) in tax and accomplishing 41 percent of its yearly target.

The group exploited 14.71 million tonnes of gas and oil in the first half of the year, 8.5 percent higher than its target for the period and representing an annual increase of 6.1 percent.

Of the figure, crude oil output amounted to 9.28 million tonnes while that of gas hit 5.43 billion cubic metres, 10.1 percent and 5.8 percent above the half year target, respectively.

Other manufacturing and supply fields including electricity, fertilisers, fibre and petrol all saw high growth of between 36 and 41 percent compared to the same period last year.

During the period, the group put into operation the Vung Ang 1 thermoelectricity plant and commenced construction on several projects such as the Song Hau 1 thermoelectricity plant, an oil and gas service port and a national oil and gas storage facility in Phu Quoc Island.

The group intends to expand its explorations of new oil fields to boost crude oil reserves to 35-40 million tonnes, optimise ongoing projects and continue structural reforms approved by the Prime Minister.

PetroVietnam will also conduct portfolio classifications and give priority to urgent initiatives or important projects in 2015.-VNA