Business

PVN targets 7.6 billion USD in revenue in Q2

The Vietnam Oil and Gas Group (Petro Vietnam or PVN) targets 164.6 trillion VND (7.62 billion USD) in revenue during the second quarter of 2015, paying 30.1 trillion VND (1.4 billion USD) in tax.
The Vietnam Oil and Gas Group (Petro Vietnam or PVN) targets 164.6trillion VND (7.62 billion USD) in revenue during the second quarter of2015, paying 30.1 trillion VND (1.4 billion USD) in tax.

According the first quarter report, PVN’s revenue totaled 132.2trillion VND (6.12 billion USD), fulfilling 18.4 percent of its yearlytarget. To hit the 2015 goal, the group needs to generate additional 555trillion VND (25.7 billion USD) in the remaining months.

The firm plans to expand exploration into new oil fields to boostcrude oil reserves up to 35-40 million tonnes as well as continueongoing structural reforms approved by the Prime Minister.

Reducing costs, using all resources effectively and ensuring safe andstable operations of local units are among this year’s action plan tospur the company’s revenue.

The national groupwill also conduct portfolio classifications and rankings, givingpriority to urgent initiatives or important projects in 2015.

PVN exploited 7.21 million tonnes of gas and oil in the firstquarter, 7.6 percent higher than its quarterly target and representingan annual increase of 4.9 percent.

Output ofcrude oil reached 4.61 million tonnes while that of gas topped 2.6billion cubic metres, 10.4 percent and 3 percent above the quarterlytarget, respectively.

It produced 1.67 milliontonnes of petroleum, up 6.2 percent from the same period last year. Thefigure was 21 percent higher than the quarterly target and fulfilled30.2 percent of its yearly goal.-VNA
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