PetroVietnam's total revenue for the nine months reached VND428.3 trillion (US$19.1 billion), down 23.5 per cent from the same period a year ago and equivalent to only 60 per cent of the yearly target. — VNA/VNS Photo Huy Hung

PetroVietnam's total revenue for the nine months reached VND428.3 trillion (US$19.1 billion), down 23.5 per cent from the same period a year ago and equivalent to only 60 per cent of the yearly target.

This also reduced the group's contribution to the State budget by 29 per cent compared with the same period of last year, totaling just VND89.1 trillion ($4 billion) by September, or 56 per cent of the target set for the whole year.

"Sharp declines in global oil prices have negatively affected PetroVietnam's business and investment activities," the group said in the press release yesterday.

The average oil price was $56.5 per barrel in the first nine months, a decrease of 49 per cent compared with an average of $111 in first nine months of 2014.

Global oil is currently trading around $47 to 50 per barrel and PetroVietnam estimates an average price of around $55 per barrel by year-end.

The group has set targets of VND718.4 trillion ($32.1 billion) in total revenue and VND159 trillion ($7.1 billion) in contribution to the State budget for the whole year.

In the first nine months, the group reported higher growth in other production targets.

Ending September, PetroVietnam exploited 21.9 million tonnes of national gas and crude oil which was 11 per cent higher than its target for the period and an increase of 7.4 per cent year-on-year. Of the figure, crude oil output rose to nearly 14 million tonnes while gas hit 7.9 billion cubic metres, up 9.8 per cent and 3.4 per cent year-on-year, respectively.

Crude oil and gas reserves reached 30.5 million tonnes, up 6.9 per cent year-on-year and equivalent to 87.1 per cent of the yearly plan.

Production of electricity, fertilizer and petroleum also exceeded the targets for the period between 6 per cent and 23 per cent. Particularly, electricity and petroleum output recorded high growth of 35.7 per cent and 28.8 per cent year-on-year, respectively.

To ensure the business targets for 2015, PetroVietnam said it would review the factors that have been affecting its oil and gas exploration and production and strive to boost the crude oil and gas output to 27.6 million tonnes by year-end, up 3.6 per cent over its yearly target of 26.6 million tonnes.

The group would also strengthen co-operation with foreign oil companies to seek good projects overseas, as well as call on foreign investment in its major oil and gas projects.

PetroVietnam energy conference

PetroVietnam will organise a conference and exhibition with the theme "PetroVietnam – 40 years Integration and Development" from October 21 to 23 at the Saigon Exhibition and Convention Centre.

The event expects to gather over 80 international and local exhibitors, 15 of which are PetroVietnam's key affiliates and subsidiaries and others are organisations and companies from South East Asia, Europe, the US and Australia. Major international partners include Rosneft, Gazprom, Petronas, KNOC, Murphy Oil, JVPC, Yokogawa and Perenco. Two pavilions will be assigned to Netherlands and Singapore enterprises.

In the three-day trade exhibition, companies will exhibit up-to-date tools and technologies for oil and gas exploration, production and transportation, equipment for energy resources, metering and control, automatic process control systems and integrated operational systems for plant management.

The event will also feature the science and technology conference which brings opportunity to effectively discuss issues of the oil and gas industry and provides a timely insight into Viet Nam's petroleum business and its scientific achievements. — VNS