The Viet Nam Oil and Gas Group (PVN) has set targets of VND612.2 trillion (US$26.3 billion) in total revenue and VND31.3 trillion in after-tax profit for this year, according to the group.

With those targets, PVN will strive to exploit 22.06 million tonnes of oil and gas, including 12.37 million tonnes of crude oil and 9.69 billion tonnes of gas.

To gain success in implementing the tasks and targets for this year, the group will continue to promote exploration plans, meaning to increase oil and gas reserves by 5-10 million tonnes this year. At the same time, it will prioritise development of Block B and Blue Whale projects.

PVN will closely follow fluctuations in oil prices this year and develop solutions to deal with them. It will also focus on scientific and technological solutions and apply new technology to improve efficiency in production and business.

"The Group will coordinate exploitation, export and processing output to ensure growth in gross domestic product (GDP) of the domestic economy, energy security and efficiency of the group," said PVN representative.

2019 is the fourth year PVN will implement the Viet Nam Oil and Gas Industry Development Strategy to 2025.

According to PVN, total exploitation output last year reached 23.98 million tonnes of oil and gas, 5 per cent higher than the yearly plan. Of which, crude oil output reached 13.97 million tonnes, 5.6 per cent higher than the yearly plan.

Domestic crude oil exploitation output stood at 12 million tonnes for the whole year of 2018, 6 per cent higher than the year’s plan while crude oil exploitation output from overseas oil fields was 1.97 million tonnes, up 3.1 per cent against the year’s plan.

Last year, the group achieved total revenue of VND626.8 trillion, a year-on-year increase of 26 per cent. It paid VND121.3 trillion to the State budget, an increase of 24 per cent compared to 2017. – VNS