PetroVietnam’s oil beats targets

A worker operates equipment at the Dung Quấtt Oil Refinery in central Quảng Ngãi Province. The Việt Nam National Oil and Gas Group (PetroVietnam) reported its nine-month production output at  二 一. 一 million tonnes of oil equivalent, surpassing the quarterly target by  一0. 二 per cent growth. -- VNA/VNS Photo Hà Thái

HÀ NỘI – The Việt Nam National Oil and Gas Group (PetroVietnam) will strive to exploit more than  六. 四 九 million tonnes of oil by the year’s end, including  三. 八 八 million tonnes of crude oil and  二. 六 一 billion cubic metres of natural gas, to achieve total output of  二 七. 五 九 million tonnes of oil.

This output is  七. 六 per cent higher than its initial yearly target of  二 五. 六 四 million tonnes set at the beginning of the year.

The energy group reported its nine-month production output at  二 一. 一 million tonnes of oil equivalent, surpassing the quarterly target by  一0. 二 per cent growth and equaling  八 二. 三 per cent of the yearly goal. Crude oil comprised  一 三.0 三 million tonnes of total output, up  八. 一 per cent year-on-year.

Industrial production value increased  一 一 per cent over the nine months of last year.

Production of electricity, fertilizer and petroleum in the first nine months was also above targets by between  二. 四 and  一 五. 八 per cent.

These numbers are considered impressive given the gloomy outlook of the global oil market.

However, the group’s nine-month revenues reached only VNĐ 三 二 七. 四 trillion (US$ 一 四. 七 billion), accounting for  八 六 per cent of the quarterly projection and just  六 四 per cent of the yearly target.

The group attributed the disappointing earnings to strong declines in global oil prices. The nine-month average oil price was around $ 四 二. 七 per barrel, only  七 一. 二 per cent of the group’s estimate of $ 六0 per barrel for the year. This price was also  二 五 per cent lower than that of the same period of last year.

Therefore, the contribution to the State budget was VNĐ 六 四 trillion, equivalent to  八 一 per cent of the nine-month estimate and  六 一 per cent of the goal for the whole year.

PetroVietnam expects to earn VNĐ 五 一 四. 五 trillion in total revenues and contribution to the State budget of VNĐ 一0 四. 二 trillion for the year.

The group’s earnings are forecast to continue decreasing this year if the world crude oil price remains low. PetroVietnam’s revenues and profits have been on a consistent decrease since  二0 一 三 due to losses in global oil. – VNS