The firm reported that the average crude oil price in the first nine months of 2018 was USD 74.6 per barrel, USD 24.6 higher than the expectation and representing a rise of 37 percent over the same period in 2017.

A worker in Bach Ho oil well. (Photo for illustration)

Therefore, the total revenue of the firm in the first nine months of 2018 hit VND 449.1 trillion (USD 19.31 billion), up 20 percent compared to the plan. It paid VND 81.4 trillion to the State budget in the nine months, surpassing its target for the period by 52.1 percent and for the yearly target by 10.4 percent.

All of its member companies maintained normal production, while the majority of its production goals also exceeded the plan by 2-15 percent.

Total production reached 18.17 million tons, 5.9 percent, or 450,000 tons, higher than the plan. Meanwhile, its gas production was 7.61 billion cubic meters, and electricity output was 16.03 billion kWh. Its nitrogen production in nine months hit 1.23 million tons, while petrol output was 6.5 million tons.

PetroVietnam is striving to expand its oil and gas exploration to increase its reserve for the nine months to 6 million tons equivalent of oil.

Source: VNA