The Vietnam National Oil and Gas Group (PVN) produced about 6.45 million tonnes of crude oil in the first quarter of this year, exceeding its three-month plan by 5 percent.
Hanoi (VNA) – The Vietnam National Oil and Gas Group (PVN) producedabout 6.45 million tonnes of crude oil in the first quarter of this year,exceeding its three-month plan by 5 percent.
Of the figure, 2.34 million tonnes of oil equivalent were exploited in March, a4.4 percent higher than the month target.
In the reviewed period, the group produced some 447,000 tonnes of nitrogenousfertilizer for agricultural production, surpassing its set plan by 9.7 percent.
Especially, petrol production in the period reached 1.69 million tonnes, outpacingits set plan by 15.5 percent.
Although most of the business and production indices were beyond targets, PVNhas faced the most formidable challenges in recent 15 years.
It said that the global context of low oil prices spurred by abundant supplyhave critical impacts on its core investments. In addition, the group has comeunder pressure from the Government’s shake-up plan, which forced the enterpriseto adjust its business scale as well as orientation for sustainabledevelopment.
In a bid to fulfill plan for the second quarter and the whole year, PVN GeneralDirector Nguyen Vu Truong Son said that the group has focused all resources andmeasures on ensuring the effective operation of its five core areas ofexploration and exploitation of oil and gas, electricity, gas, petrochemicalindustries and high-tech services.
It will also continue strict management of oil and gas exploring and exploitingactivities and giving priority to major projects like Ca Rong Do (Red Emperor)and Ca Voi Xanh (Blue Whale) projects.
Particularly, the group will continue its business restructuring plan in 2016-2020as approved by the Prime Minister.
In 2017, PVN strives to exploit some 23.81 million tonnes of oil equivalent,generate 20.1 billion kWh of electricity to the national grid, and produce 1.52million tonnes of nitrogenous fertilizers and about 6.8 million tonnes ofgasoline.-VNA
The PetroVietnam plans to exploit 6.49 million tonnes of oil equivalent, including 3.88 million tonnes of crude oil and 2.61 billion cubic metres of gas in the remaining months of this year.
The Vietnam Oil and Gas Group (PetroVietnam) exploited around 15 million tonnes of oil equivalent in 2016, meeting its annual target, the company said.
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An offshore oil rig (Photo: pvn.vn) 
