PetroVietnam smashes revenue target to hit US$9 bln in first five months
Vietnam’s National Oil and Gas Group (PetroVietnam) earned total revenue of VND 204.8 trillion (US$9.06 billion) in the first five months of 2017, 13.4% higher than targeted, reported Vietnam News Agency.
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In May alone, the group exploited some 2.25 million tons of oil, 10.4%bmore than targeted, bringing the total five-month figure to 11 million tons, 7.7% higher than planned.
According to PVN deputy general director Nguyen Quoc Thap, average crude oil prices have stood at US$55.2 per barrel over the past five months.
If it maintains this output, PVN will surpass its target for 2017 even if oil drops to US$45 per barrel, said Thap.
PVN has set a target of exploiting 14.2 million tons of oil this year that would earn the group VND 437.8 trillion (US$19.46 billion) in revenue with oil prices standing at US$50 per barrel.
The group exploited 17.23 million tons of oil in 2016, 1.19 million tons more than targeted. This equated to VND 452.5 trillion (US$18.9 billion) in revenue and VND 24.4 trillion (US$1.08 billion) in after-tax profit. From that it contributed VND 90.2 trillion (US$4 billion) to the state budget.