PetroVietnam surpasses production targets for 11 months

The Vietnam National Oil and Gas Group (PetroVietnam) has reported an oil and gas production output of 22.1 million tonnes in the first 11 months of 2018, surpassing its target by 5.4% and fulfilling 96.8% of its yearly plan.

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The firm’s oil production in the period reached 12.84 million tonnes, exceeding the target by 5.6%.

Along with oil and gas, the firm also enjoyed high production of other products, including 18.99 billion kWh of electricity, 1.477 million tonnes of nitrogenous fertilizer, and 8.53 million tonnes of petroleum.

In the January-November period, thanks to high outputs and higher oil prices than expectation, total revenue of the group hit VND542.34 trillion (US$23.32 billion), exceeding the target by 16.8% and surpassing the yearly plan by 2.2%.

The firm contributed VND108.12 trillion (US$4.64 billion) to the State budget in 11 months, 46.7% higher than its target for the whole year.

Particularly, at the end of November, many member companies of the group completed their goals, with three companies exceeding their yearly financial targets from 30%-63%, namely BSR, PVGas and PVTrans.

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