PetroVietnam hits oil target 29 days early

Vietnam National Oil and Gas Group (PetroVietnam) on Tuesday reported its completed production of oil  二 九 days ahead of schedule, with the  一 四.0 二 million tonnes target achieved on December  二. — Photo nangluongsachvietnam.vn

HÀ NỘI – The Vietnam National Oil and Gas Group (PetroVietnam) on Tuesday reported its completed production of oil  二 九 days ahead of schedule, with the  一 四.0 二 million tonnes target achieved on December  二.

The state-owned energy giant also announced that its financial result was above the target by  五- 一 八 per cent in eleven months of this year.

This achievement was based on the oil price of US$ 四 五 per barrel projected by the government at the beginning of the year.

Its  一 一-month report says the whole group, including affiliates and subsidiaries, earned VND 四0 六. 二 trillion (nearly $ 一 八 billion), a rise of  五. 四 per cent over the target for the period and  九 三 per cent of the goal set for the whole year.

Tax payment to the state budget was VND 七 九. 六 trillion, up  七 per cent over the  一 一-month target and almost achieving the government’s full-year goal.

Global oil price averaged $ 四 八 per barrel in November and $ 四 三. 九 in the eleven months. Brent crude is moving around $ 五0- 五 三 per barrel.

For production activity, besides crude oil, PetroVietnam reported its gas and petroleum production achieved the government’s annual targets one month earlier.

Ending November, the State-owned energy giant produced  九. 六 三 billion cu.m. of natural gas, up 0. 二 per cent of the target set for the whole year.

Petrol output reached  六. 二 六 million tonnes, a rise of  一0 per cent over the annual projection.

Production of other products, including electricity and fertilizer, was above the target of  一 一 months by less than two per cent -- 一 九. 二 三 billion kWh of electricity and  一. 四 七 million tonnes of fertiliser. – VNS