The Vietnam National Oil and Gas Group (PetroVietnam) has targeted 55 trillion VND (2.6 billion USD) of its total pre-tax profits this year, 12.4 percent lower than the previous year.

In 2014, PetroVietnam targets to increase the reserves to 55 - 61 million tonnes and exploit the equivalent amount of 26.63 million tonnes.

The group basically exceeded the targets and tasks as planned for 2013, PetroVietnam Chairman Phung Dinh Thuc said on January 7.

Total sales of its member units reached 762.86 trillion VND, up 18 percent compared to the yearly plan.
Notably, the group achieved the reserve amount of 35.6 million tonnes, equivalent to 101.7 percent of the yearly plan.

Four new oil and gas contracts and seven agreements have been signed, while nine oilfields have been put into operation.

The total oil production in 2013 was estimated at 26.46 million tonnes, equal to 105 percent of the yearly plan. In particular, oil production reached 16.71 million tonnes, exceeding 4.4 percent of the yearly plan, and gas production reached 9.75 billion cubic metres, equal to 106 percent of the year’s plan.

Power production and supply to the national power grid reached 16.17 billion kWh, equal to 116.7 percent of the annual target.

In addition, the fertilizer production reached 1.60 million tonnes, equal to 105.4 percent of the year’s goal.

Total revenue of oil and gas services activities in 2013 was 236.3 trillion VND, exceeding 3 percent of the yearly plan and accounting for 31 percent of the group’s total revenue.-VNA