PetroVietnam's crude oil output in Jan-April exceeds set target hinh anh 1An oil rig - Illustrative image (Source: VNA)
Hanoi (VNA) – The Vietnam Oil and Gas Group (PetroVietnam)’s crude oil output exploited in the first four months of 2020 reached 7.2 million tonnes of oil equivalent, exceeding its set target by 7.7 percent, despite difficulties caused by the COVID-19 pandemic and a sharp decrease in oil prices.

In the period, the group’s electricity production hit 7.03 billion kWh, nitrogen output reached 601,600 tonnes, and petroleum production is estimated at 4.53 million tonnes, all surpassing its targets.

The consumption of petroleum products began to prosper in April as the volume of consumed petroleum of the group’s units in April increased by 3.6-17.6 percent against the previous month

Due to a significant reduction in the world’s oil prices, the group's oil price during January-April was averaged at around 48 USD per barrel, much lower than the planned price of 65 USD per barrel. As a result, PetroVietnam's revenue in the period reached only 203.9 trillion VND (8.83 billion USD), and its State budget contribution be 24.1 trillion VND (over 1 billion USD)./.