Gas exploitation at Su Tu Trang field (Photo: VNA)Hanoi (VNA) – The Vietnam Oil and Gas Group(PetroVietnam) has reported oil equivalent output of 8.99 million tonnes in thefirst five months of 2020, 4.4 percent higher than its target.
In May, crude oil output reached 0.96 million tonnes, 2.1percent higher than the monthly plan while gas production fulfilled the monthlygoal at 0.84 billion cu.m.
The firm generated 2.05 billion kWh of electricity andproduced 149,800 tonnes of nitrogenous fertiliser, surpassing the monthlytargets by 4.7 percent and 4.2 percent, respectively.
Its production of oil and petroleum exceeded 1.01 milliontonnes during the month, only equivalent to 91.5 percent of the monthly goal,largely because the Nghi Son Oil Refinery were cutting capacity for maintenance andthe PetroVietnam Oil Corporation (PV Oil) reduced production of petroleum asdemand dropped.
The company has made drastic efforts to cut nearly 8.7trillion VND in costs during the first five months of the year to deal withdeclining oil prices and the COVID-19 pandemic.
From January to May, the State-owned enterprise earned 124.2trillion VND (5.33 billion USD) in revenue, down 29 percent from a yearearlier. Its post-tax profit nosedived 49 percent year on year to 7.1 trillionVND./.
VNA
