Petro Vietnam hits oil target 29 days early

The Vietnam National Oil and Gas Group (PetroVietnam) has reported its completed production of oil 29 days ahead of schedule, with the 14.02 million tonnes target achieved on December 2.

The state-owned energy giant also announced that its financial result was above the target by 5%-18% in eleven months of this year.

This achievement was based on the oil price of US$45 per barrel projected by the government at the beginning of the year.

Its 11-month report says the whole group, including affiliates and subsidiaries, earned VND406.2 trillion (nearly US$18 billion), a rise of 5.4% over the target for the period and 93% of the goal set for the whole year.

petro vietnam hits oil target 29 days early hinh 0
PetroVietnam reported its completed production of oil 29 days ahead of schedule, with the 14.02 million tonnes target achieved on December 2 (Photo: nangluongsachvietnam.vn)

Tax payment to the state budget was US$79.6 trillion, up 7% over the 11-month target and almost achieving the government’s full-year goal.

Global oil price averaged US$48 per barrel in November and US$43.9 in the eleven months. Brent crude is moving around US$50-US$53 per barrel.

For production activity, besides crude oil, PetroVietnam reported its gas and petroleum production achieved the government’s annual targets one month earlier.

Ending November, the State-owned energy giant produced 9.63 billion cu.m of natural gas, up 0.2% of the target set for the whole year.

Petrol output reached 6.26 million tonnes, a rise of 10% over the annual projection.

Production of other products, including electricity and fertilizer, was above the target of 11 months by less than 2% --19.23 billion kWh of electricity and 1.47 million tonnes of fertiliser.

VNA

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