PetroVietnam surpasses production target in five months

Illustrative image (Source: PetroVietnam)

Hanoi (VNA) – The Vietnam National Oil and Gas Group (PetroVietnam)saw its production surpassing the target set by the Government by 7.7 percentin the past five months.

PetroVietnam said it exploited 2.25 million tonnes of oil equivalent in May,10.4 percent higher than the set plan, bringing the exploitation of oilequivalent to 11 million tonnes in the five-month period.

Thanks to its higher production of electricity, petrol and oil, and nitrogenousfertilizer, the firm’s total revenue in the Jan-May period hit 204.8 trillionVND (over 9 billion USD), contributing 35.6 trillion VND (nearly 1.57 billionUSD) to the State budget.

According Deputy General Director of PetroVietnam Nguyen Quoc Thap, if theprice of crude oil continues remaining stable as at present, the firm will completeand surpass the revenue plan set for 2017.

In the coming time, the firm will focus on strictly managing exploitation activitiesand applying scientific and technological solutions in order to save productioncosts and improve production performance.

Attention will be paid todeveloping potential fields and enhancing exploration activities in potentialareas.

In 2017, PetroVietnam strives to exploit some23.81 million tonnes of oil equivalent, generate 20.1 billion kWh ofelectricity, produce 1.52 million tonnes of nitrogenous fertilizer, and about6.8 million tonnes of gasoline. - VNA

VNA