PVEP’s contribution to State budget 41 percent higher than plan in Q1

Production at Bach Ho oil field. (Photo: VNA)

Hanoi (VNA) – The PetroVietnam Exploration Production Corporation (PVEP), a subsidiary of the Vietnam Oil and Gas Group (PetroVietnam), has surpassed all of its business goals in the first quarter of 2021, with contribution to the State Budget particularly 41 percent higher than the year’s plan.

From January-March, the corporation pumped up 0.89 million tonnes of oil equivalent, 5 percent higher than the quarterly plan and equivalent to 26 percent of the yearly target.

Of the volume, 0.65 million tonnes were oil and condensate, surpassing the quarterly goal by 9 percent and representing 28 percent of the yearly plan.

It generated over 6.95 trillion VND (301.9 million USD) in total revenue and contributed nearly 1.71 trillion VND to the State Budget, exceeding the plan by 40 percent and 41 percent, respectively.

The PVEP plans to maintain stable production, reduce costs and actively respond to the global market’s fluctuations this year./.

VNA