The Vietnam Oil and Gas Group (PVN) reported that it has surpassed all business goals in the first four months in 2017, while global oil prices show signs of recovery.

According to PVN’s latest report, the company’s total oil and gas output in April 2017 was 2.21 million tonnes, exceeding the monthly goal assigned by the Government by 8.3 per cent. Accumulated production of oil and gas over the last four months was 8.69 million tonnes, 6.2 per cent greater than the four month plan and about 36.5 per cent of the annual goal for 2017.

PVN’s oil output was 5.25 million tonnes, about 37 per cent of PVN’s yearly goal. Domestic oil extraction accounted for 4.6 million tonnes, while overseas extraction accounted for 0.65 million tonnes. Gas output after the first four months reached 3.44 million cubic metres.

Besides, petrol output records 2.25 million tonnes, electricity output 7.29 billion kilowatts and nitrogenous fertiliser 608,000 tonnes.

The average crude oil price in the first four months of 2017 was US$55.8 per barrel, which was 11.6 per cent higher than the yearly expected price of $50. As part of this rise, total revenue from PVN’s subsidiary companies in the last four months reached VND160.8 trillion ($7.1 billion), surpassing the monthly goal by 17.6 per cent and about 37 per cent of the annual business plan.

The company’s post tax income as of April 2017 was VND5.8 trillion ($259.2 million), 11 per cent over the set goal and 35 per cent of the annual plan.

PVN’s total contribution to the State budget reached VND26.3 trillion ($1.17 billion), 11 per cent over the four-month goal.

PVN will continue its 2016-20 business reconstruction plan, as per instruction from the Government Office.

Four more oil reservoirs have been explored by the PVN for future extraction. The company will focus all its resources and solutions on ensuring that production carries on effectively in all fields. — VNS