Despite sharp declines in crude oil prices, the Vietnam Oil and GasGroup (PetroVietnam) achieved satisfactory production and businessresults during the first five months of this year.

This wasannounced by PetroVietnam Deputy General Director Do Chi Thanh during ameeting at the Ministry of Industry and Trade last week.

Thanhalso noted that some 7.6 million tonnes of crude oil was exploitedduring the five months, representing 108 percent of the firm's targetfor the period.

The volume of gas exploited was 4.5 billioncubic metres, or 104 percent of the targeted figure, and the yield ofoil products rolled out was 12.1 million tonnes, or 107 percent of theplanned volume.

The company recorded a total turnover of 122trillion VND (5.81 billion USD), or 83 percent of the five-month quota,and earned an after-tax profit of 17.1 trillion VND (814.28 millionUSD), equivalent to 87 percent of the plan.

Thanh said that in the face of declining oil prices, the company had tried to cut costs to achieve these results.

InMay, crude oil prices averaged 67 USD per barrel, rising by 5 USD fromthe April level. However, the average price during the five months was60 USD per barrel, down 46.7 percent over the same period last year.-VNA