The Việt Nam National Oil and Gas Group (PetroVietnam) surpassed its business targets by as much as 4 to 16 per cent in the first three months of the year, especially in oil exploitation.
Total revenue of the group topped VNĐ117.1 trillion (US$5.14 billion), exceeding its quarterly plan by 16 per cent.
The group posted an after-tax profit of VNĐ5.1 trillion, 18 per cent higher than its target, accounting for 30 per cent of the yearly plan.
During the period, PetroVietnam’s tax payment to the State budget was VNĐ20.8 trillion, 12 per cent more than its goal, and an increase of 19 per cent year-on-year.
The group produced about 6.47 million tonnes of oil equivalent, surpassing the three-month plan by 5.3 per cent. Gas exploitation in the period reached 2.52 billion cubic metres, 5.7 per cent higher than the target.
In the first quarter, PetroVietnam produced 5.44 billion kWh of electricity, 1.69 million tonnes of petrol and some 447,000 tonnes of nitrogen fertiliser.
The PVN said that its industrial production value was estimated at VNĐ116 trillion for the quarter, surpassing the target by 7.4 per cent and accounting for 27 per cent of its yearly plan.
In a bid to fulfill the plan for the second quarter, as well as the entire year, PVN General Director Nguyễn Vũ Trường Sơn said that the group has focused all resources on ensuring the effective operation of its five core areas of oil and gas exploration and exploitation, electricity, gas, petrochemical industries and high-tech services.
It will also continue strict management of oil and gas exploring and exploiting activities, as well as providing priority to major projects, such as Cá Rồng Đỏ (Red Emperor) and Cá Voi Xanh (Blue Whale). In particular, the group will continue its business restructuring plan for 2016-20, as approved by the Prime Minister.
In 2017, PVN seeks to exploit some 23.81 million tonnes of oil equivalent, generate 20.1 billion kWh of electricity, produce 1.52 million tonnes of nitrogen fertiliser and some 6.8 million tonnes of gasoline