PetroVietnam has exerted efforts to achieve the goal in spite of decreasing reserves of major oil fields while new oil fields are small with low reserves. The group has also been put under strong pressure from the fluctuation in global oil prices and the urge of lowering cost per barrel.

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By 3:00pm of December 11, the State-run firm is scheduled to extract a total of more than 13.22 million tons of crude oil both at home and overseas, reaching the yearly target 21 days ahead of schedule.

As of 5:00pm of December 16, the company is likely to produce 9.6 billion cu.m of gas to attain this year’s goal 15 days ahead the schedule.

Along with oil and gas, the firm also enjoyed high production of other products, including 18.99 billion kWh of electricity, 1.477 million tons of nitrogenous fertilizer, and 8.53 million tons of petroleum.

From January-November, thanks to high output and higher oil prices than expected, total revenue of the group hit VND 542.34 trillion (USD 23.32 billion), exceeding the target by 16.8 percent and surpassing the yearly plan by 2.2 percent.

The firm contributed VND 108.12 trillion (USD 4.64 billion) to the State budget in the first 11 months, 46.7 percent higher than its target for the whole year.

Many member companies of the group have already completed their goals for the whole year. Specifically, PV Gas posted revenue and after-tax profit of VND 66.3 trillion and VND 10.1 trillion, surpassing its targets by 12 percent and 57 percent respectively.

Binh Son Refinery (BSR) surpassed its targets by 33 percent and 50 percent in terms of revenue and after-tax profit to reach VND 103.9 trillion and VND 4.9 trillion respectively.

The PetroVietnam Gas (PV GAS) reported revenue of VND 66.3 trillion and after-tax profit of VND 10.1 trillion in the first 11 months of the year, surpassing its targets by 34 percent and 58 percent.

The PetroVietnam Insurance (PVI) and the PetroVietnam Ca Mau Fertiliser Company (PVCFC) also surpassed their profit targets.

Source: VNA