PVEP’s contribution to State budget 41% higher than plan in Q1
The PetroVietnam Exploration Production Corporation (PVEP), a subsidiary of the Vietnam Oil and Gas Group (PetroVietnam), has surpassed all of its business goals in the first quarter of 2021, with contribution to the State Budget particularly 41% higher than the year’s plan.
From January-March, the corporation pumped up 0.89 million tonnes of oil equivalent, 5% higher than the quarterly plan and equivalent to 26% of the yearly target.
Of the volume, 0.65 million tonnes were oil and condensate, surpassing the quarterly goal by 9% and representing 28% of the yearly plan.
It generated over VND6.95 trillion (US$301.9 million) in total revenue and contributed nearly VND1.71 trillion to the State Budget, exceeding the plan by 40% and 41%, respectively.
The PVEP plans to maintain stable production, reduce costs and actively respond to the global market’s fluctuations this year.
