The Vietnam Oil and Gas Group (PetroVietnam) continued to top the Profit500 list, which names the 500 most profitable enterprises in Vietnam, in 2020.

Deputy Prime Minister Truong Hoa Binh has urged the Vietnam Oil and Gas Group (PetroVietnam) to enhance its capacity in petroleum exploration and exploitation to develop the marine economy in the new context.

The PetroVietnam Exploration Production Corporation (PVEP) extracted 2.6 million tonnes of oil equivalent in the first eight months of this year, surpassing the target by 2% and equivalent to 68% of the yearly plan.

The Vietnam Oil and Gas Group (PetroVietnam) on September 1 reported an oil equivalent output of 7.76 million tonnes in the first eight months of this year, 8.2% higher than the set target.

The PetroVietnam Drilling & Well Service Corporation (PV Drilling)’s rig PV Drilling III will implement its contract to drill five new wells for Kris Energy in Cambodia for three months, starting October.

The Russia-Vietnam oil and gas joint venture (Vietsovpetro) has pumped up 500 million cubic metres of gas from Thien Ung field, which has been in operation since late 2016.

The Vietnam Oil and Gas Group (PetroVietnam) has announced that its exploration of the Ken Bau-2X well, located in the Red River Basin offshore of Vietnam’s northern continental shelf, helped the firm fulfil its plan of increasing oil and gas reserves.

PetroVietnam Technical Services Corporation (PTSC) announced revenue of VND5.47 trillion (US$238 million) in the second quarter of this year, up 13.4% year-on-year.

Vietnamese state-owned companies have invested $6.7 billion overseas, but many of their projects are losing money.

VOV.VN - Last year saw local businesses pour a figure of US$21 billion into more than 1,300 projects in foreign countries, with profits transferred home reaching roughly US$3 billion, according to the Ministry of Planning and Investment.