HA NOI (Biz Hub) — The Viet Nam Oil and Gas Group (PetroVietnam) reached all targets in production and business for the first half of this year, according to the group's press release yesterday.

The group said it produced totally 13.87 million tonnes of crude oil and gas in the first half of this year, 11.4 per cent higher than its target, including 5.39 million tonnes of gas and 8.48 million of crude oil used at home and abroad.

It produced 2.46 million tonnes of petrol and oil, an increase of 16 per cent compared with its target for the first half.

PetroVietnam increased 16.4 per cent in its total revenue for the first six months of this year to VND380 trillion (US$18 billion) against its target, or 57 per cent of the Government's expectation.

Increase of crude oil volume from some fields at home did not reach its target, said PetroVietnam, adding that instability in the East Sea, slow recovery of many economic sectors and pressure on capital for existing projects would be challenges for the group in the coming months.

Therefore, in the second half of this year, the group would promote production and business, continue its restructuring plan – including withdrawal of capital from non-core businesses, equitisation and adjustment of its development strategy by 2015 and towards 2035.

It would continue to develop consumption markets for new products, including fibre and bio fuel.

This year, the group planned to produce 26.63 million tonnes of crude oil and gas, including 16.83 million tonnes of crude oil, produce 4.76 million tonnes of petrol and oil products and need VND100 trillion ($4.74 billion) in capital for implementing its projects.

PetroVietnam expected to gain a year-on-year increase of 6.8 per cent in its total revenue to VND673.3 trillion ($31.91 billion) for this year. — VNS