PetroVietnam's Dung Quat oil refinery plant. The group’s exploited output of crude oil in the first quarter this year exceeded the target by 10 per cent. — Photo pvn.vn

The Viet Nam Oil and Gas Group (PetroVietnam) achieved its production target but suffered reduction in revenue due to lower crude oil prices in the first quarter of this year.

The group’s exploited output of crude oil in the first quarter exceeded its target by 10 per cent. Meanwhile, its electricity production reached 5.33 billion kWh, equivalent to 100 per cent of the first quarter plan.

It produced 441,800 tonnes of nitrogenous fertiliser and 3.41 million tonnes of petroleum, 5.5 per cent and 2.5 per cent higher than its targets, respectively.

However, its total revenue in the first quarter dropped by 9.1 per cent to VND165 trillion (about US$7 billion) year-on-year due to a drop in global crude oil prices.

The average price of crude oil in the first quarter this year fell to $56.2 per barrel from $65.3 in the first quarter of last year, according to the group.

In March, total revenue plunged by 19.2 per cent to VND49 trillion month-on-month.

PetroVietnam contributed VND20.8 trillion to the State budget in the first quarter, 10.3 per cent lower than its target for the quarter.

PetroVietnam and its subsidiaries have actively implemented a series of solutions to maintain their production and business activities amid the COVID-19 pandemic, which has led to a sharp drop in global crude oil prices and caused serious losses to the domestic oil and gas industry.

The group has strengthened cooperation with domestic firms that have business lines related to products they supply.

It has also monitored market information related to the demand and price fluctuations of crude oil and petroleum products, and outlined plans to take advantage of business opportunities. — VNS