PetroVietnam's total revenue reached VND464.5 trillion (US$20 billion), or 83 per cent of the yearly plan while its contribution to the State budget hit VND58.3 trillion, surpassing the plan for the period by 2.3 per cent. — VNA/VNS Photo

The Vietnam Oil and Gas Group (PetroVietnam) exploited an estimated 17.32 million tonnes of oil in the first 10 months of this year, surpassing the plan for the period by 2.3 per cent.

The group's total revenue reached VND464.5 trillion (US$20 billion), or 83 per cent of the yearly plan, while its contribution to the State budget hit VND58.3 trillion, 86 per cent of the yearly target.

Amid difficulties caused by the COVID-19 pandemic, the group was among few oil and gas businesses in the world that managed to post positive growth in January-October.

The result is attributable to response measures undertaken by PetroVietnam and its members, including cutting costs. In the past 10 months, the group reduced costs by VND8.1 trillion.

Towards the year’s end, PetroVietnam aims to continue exercising thrift, effectively using resources and devising scenarios to cope with market developments, as well as grasping new opportunities for effective disbursement. — VNS