The Vietnam National Oil and Gas Group pumped 4.8 million tonnes of crude oil in the first four months of 2018, exceeding the target by 1.7 percent and accounting for 36.2 percent of its yearly goal.
Hanoi (VNA) –The Vietnam National Oil and Gas Group (PetroVietnam) pumped 4.8 million tonnesof crude oil in the first four months of 2018, exceeding the target by 1.7percent and accounting for 36.2 percent of its goal for the whole year.
Of the total, domesticproduction fetched 4.16 million tonnes, 1.6 percent higher than the target,while its exploitation abroad was 0.63 million tonnes, exceeding the target by 2.3percent.
Alongside crudeexploitation, all major business and production indications of the firm also surpassedthe targets. Specifically, gas production was 3.55 billion cubic metres, 4.7percent higher than target and equivalent to 37 percent of the yearly plan. Infour months, the group produced 7.73 billion kWh of power, 549,000 tonnes ofnitrogen, and 2.32 million tonnes of petrol.
Total revenue ofPetroVietnam in the first four months of this year was 177.1 trillion VND (7.79billion USD), up 12 percent year on year. The firm paid 31.5 trillion VND (1.38billion USD) to the State budget, a rise of 17 percent over the same periodlast year. Its profit after tax hit 7.6 trillion VND (334.4 million USD),surpassing the target by 22 percent.
Particularly, afterthree years of halting, the group’s Dinh Vu polyester manufacturing plantresumed its operation with three production chains on April 20. As of April 30,the plant produced 46.7 tonnes of fibre with high quality. In May, it isexpected to produce 200 tonnes of fibre.
According toPetroVietnam, in 2018, the group has continued facing many difficulties as thecrude oil prices remain low, while reduction is forecast in output of major oilwells in 2018, which will seriously affect the completion of domestic outputtargets.
Meanwhile, unforeseeableand complicated developments in the situation in the East Sea are impacting PetroVietnam’sexploration and exploitation activities as well as the attraction of foreigninvestment in the field.
At the same time, thecompetition on the market of oil and gas services has grown fiercer, posingchallenges to PetroVietnam’s services companies.
To cope with thedifficulties, the PetroVietnam has undertaken a number of measures to fulfilset targets of this year.
As of April 2018, allunits of the firm have managed to maintain normal operation with all productionindication exceeding the goals by 2-18 percent.-VNA
The Vietnam National Oil and Gas Group contributed 23.8 trillion VND (1.04 billion USD) to the State budget in Q1, exceeding the quarterly plan by 30 percent.
The State-owned Vietnam Oil and Gas Group (PetroVietnam or PVN) has drafted a plan for a comprehensive restructuring until 2025, under which it will continue with large-scale divestment from all of its member corporations and companies.
PetroVietnam Power Corporation (PV Power) recorded a consolidated net profit of 780 billion VND (34.2 million USD) in the first quarter, a growth of 30.6 percent against the same period of last year.
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Illustrative Image (Source: VNA) 
