Petrovietnam’s crude oil exploitation accomplishes yearly target

Oil exploitation at Bach Ho (White Tiger) oil field. (Photo: VNA)

Hanoi (VNA) – The Vietnam Oil and Gas Group (Petrovietnam) has fulfilled crude oil exploitation target set for the whole year, 70 days ahead of schedule.

The information was revealed by Petrovietnam General Director Le Manh Hung at a meeting on November 5.

The group’s crude oil output reached 9.03 million tonnes in the first ten months of this year, exceeding the yearly plan by 3%, and equivalent to 99.4% of the figure in the same period last year.

Petrovietnam has also striven to meet the demand in the domestic market, contributing to the efforts of the Ministry of Industry and Trade and other state-owned enterprises to guarantee national oil security in the face of impacts from the world energy crisis.

At the same time, the group has adopted a series of solutions to ensure stable production and business.

Petrovietnam’s total revenue in the first ten months of this year was estimated at about 782 trillion VND (around 31.3 billion USD), exceeding the yearly plan by 40%, and up 56% compared to the same period last year. It contributed 112.2 trillion VND to the State budget, surpassing the yearly plan by 74% and equivalent to the figure of the whole year of 2021.

The achievements are attributed to the group’s good market forecasting, flexible management and ability to optimise opportunities despite uncertainties in the global petrol market./.