The Vietnam Oil and Gas Group (PetroVietnam) has reported that its oil output reached 1.78 million tonnes in the first two months of this year, surpassing the set target by 24 per cent.

The group’s revenue in January and February was estimated at VND118.73 trillion (US$5.19 billion), exceeding the two-month target by 34 per cent, and up 46 per cent from the same period last year.

It contributed some VND18.05 trillion to the State budget, surpassing the two-month target by 52 per cent, and up 48 per cent year on year.

The achievements are attributable to the group's good market forecasting work, flexible management and the ability to optimise opportunities despite uncertainties in the global oil and gas market.

Chairman of the Board of Directors of PetroVietnam Hoang Quoc Vuong said at a recent meeting that it is necessary to further bring into full play opportunities in production and restructuring.

PetroVietnam General Director Le Manh Hung said the group will focus on market forecasting to flexibly cope with the new situation, and urged units to continue with digitalisation in business. — VNS