PVN posts $29.85b in turnover

Friday, Nov 22, 2013 09:52

The 90m water-depth jack-up drilling rig at PetroVietnam's Vung Tau Petroleum Port. PetroVietnam has announced a turnover of VND627 trillion (US$29.85 billion) in over the past 10 months, a year-on-year increase of 0.4 per cent. — VNA/VNS Photo Manh Duong

HA NOI (Biz Hub)— The Viet Nam National Oil and Gas Group (PetroVietnam) has announced a turnover of VND627 trillion (US$29.85 billion) over the past 10 months, or 0.4 per cent more than the same period last year.

Just last month, the total production of oil equivalent reached 2.11 million tonnes, equal to 101 per cent of the month's target.

Further, total oil and gas production reached 21.91 million tonnes of oil equivalent (TOE), up 2.3 per cent from last year and accounting for 87 per cent of the year's target.

The group contributed VND145.8 trillion ($6.94 billion) to the State budget during this period, posting a 1.4 per cent year-on-year increase and meeting 98 per cent of the year's goal.

Of note, PetroVietnam has brought six oil fields into operation in the January-October period, including Hai Su Trang, Hai Su Den, White Rabbit, West Desaru - Malaysia Block PM 304, Jupiter Well 1 and Su Tu Vang Northeast.

Also, production and supply to the national grid last month increased 1.18 billion kWh, equal to 93.4 per cent of the target.

The total power production in this period was 13.58 billion kWh, meeting 98.1 per cent of the annual plan and representing a year-on-year rise of 11.7 per cent.

Production of fertiliser in October reached 140,000 tonnes, while its total production reached 1.32 million tonnes in the period, posting a year-on-year rise of 13.4 per cent, including the Phu My fertiliser plant with 672,000 tonnes and Ca Mau fertiliser plant with 643,000 tonnes.

The group also ensured continuing progress in implementing the national key projects in the oil and gas field. It also disbursed VND57 trillion ($2.71 billion) in the 10 months, accounting for 71 per cent of the year's target.

Additionally, PetroVietnam began several construction projects. It has implemented a restructuring plan approved by PM Nguyen Tan Dung for the 2012-15 period for its member companies.

It has also asked its members to develop effective solutions to fulfill the socio-economic and State budget contribution targets for this year.—VNS

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