TVietnam National Oil and Gas Group (PetroVietnam) on Tuesday reported its completed production of oil 29 days ahead of schedule, with the 14.02 million tonnes target achieved on December 2. — Photo nangluongsachvietnam.vn

The Vietnam National Oil and Gas Group (PetroVietnam) on Tuesday reported its completed production of oil 29 days ahead of schedule, with the 14.02 million tonnes target achieved on December 2.

The state-owned energy giant also announced that its financial result was above the target by 5-18 per cent in eleven months of this year.

This achievement was based on the oil price of US$45 per barrel projected by the government in the beginning of the year.

In its 11-month report, the whole group, including affiliates and subsidiaries, earned VND406.2 trillion (nearly $18 billion), a rise of 5.4 per cent over the target for the period and 93 per cent of the goal set for the whole year.

Tax payment to the state budget was VND79.6 trillion, up seven per cent over the 11-month target and almost achieving the government’s full-year goal.

Global oil price averaged $48 per barrel in November and $43.9 in the eleven months. Brent crude is moving around $50-53 per barrel.

For production activity, besides crude oil, PetroVietnam reported its gas and petroleum production achieved the government’s annual targets one month earlier.

Ending November, the state-owned energy giant produced 9.63 billion cu.m. of natural gas, up 0.2 per cent of the target set for the whole year.

Petrol output reached 6.26 million tonnes, a rise of 10 per cent over the annual projection.

Production of other products, including electricity and fertilizer, was above the target of 11 months by less than two per cent --19.23 billion kWh of electricity and 1.47 million tonnes of fertilizer. – VNS