PetroVietnam smashes revenue target to hit $9 bln in first five months

Thứ Bảy, 10/06/2017, 22:02
The national oil giant has contributed $1.6 billion to the state budget so far this year.

Vietnam’s National Oil and Gas Group (PetroVietnam) earned total revenue of VND 204.8 trillion ($9.06 billion) in the first five months of 2017, 13.4 percent higher than targeted, reported Vietnam News Agency.

Of the figure, it contributed VND 35.6 trillion (nearly $1.6 billion) to the state budget.

PetroVietnam workers in Venezuela. Photo by VnExpress

In May alone, the group exploited some 2.25 million tons of oil, 10.4 percent more than targeted, bringing the total five-month figure to 11 million tons, 7.7 percent higher than planned.

According to PVN deputy general director Nguyen Quoc Thap, average crude oil prices have stood at $55.2 per barrel over the past five months.

If it maintains this output, PVN will surpass its target for 2017 even if oil drops to $45 per barrel, said Thap.

PVN has set a target of exploiting 14.2 million tons of oil this year that would earn the group VND 437.8 trillion ($19.46 billion) in revenue with oil prices standing at $50 per barrel.

The group exploited 17.23 million tons of oil in 2016, 1.19 million tons more than targeted. This equated to VND 452.5 trillion ($18.9 billion) in revenue and VND 24.4 trillion ($1.08 billion) in after-tax profit. From that it contributed VND 90.2 trillion ($4 billion) to the state budget.

VnExpress