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 ExplorationProduction Corporation (PVEP), a subsidiary of the Vietnam Oil and Gas Group(PetroVietnam), has surpassed all of its business goals in the first quarter of2021, with contribution to the State Budget particularly 41 percent higher thanthe year’s plan.

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

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

It generated over 6.95 trillion VND (301.9 million USD) intotal 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 andactively respond to the global market’s fluctuations this year./.

VNA