PetroVietnam enjoys thriving business thanks to crude oil price hike

Workers operate PetroVietnam Gas’s PM 三-Cà Mau gas pipeline in Cà Mau Province. — VNA/VNS Photo Huy Hùng

HÀ NỘI — All financial targets of the Việt Nam National Oil and Gas Group (PetroVietnam) in the past nine months have been surpassed thanks to the improvement in the price of crude oil, according to insiders.

The firm reported that the average crude oil price in the first nine months of  二0 一 八 was US$ 七 四. 六 per barrel, $ 二 四. 六 higher than the expectation and representing a rise of  三 七 per cent over the same period in  二0 一 七.

Therefore, the total revenue of the firm in the first nine months of  二0 一 八 hit VNĐ 四 四 九. 一 trillion ($ 一 九. 三 一 billion, up  二0 per cent compared to the plan). It paid VNĐ 八 一. 四 trillion to the State budget in the nine months, surpassing its target for the period by  五 二. 一 per cent and for the yearly target by  一0. 四 per cent.

All of its member companies maintained normal production, while the majority of its production goals also exceeded the plan by  二- 一 五 per cent.

Total production reached  一 八. 一 七 million tonnes,  五. 九 per cent, or  四 五0,000 tonnes, higher than the plan. Meanwhile, its gas production was  七. 六 一 billion cubic metres, and electricity output was  一 六.0 三 billion kWh. Its nitrogen production in nine months hit  一. 二 三 million tonnes, while petrol output was  六. 五 million tonnes.

PetroVietnam is striving to expand its oil and gas exploration to increase its reserve for the nine months to  六 million tonnes equivalent of oil. — VNS