The Viet Nam Oil and Gas Group (PVN) reported revenues of VND247.1 trillion (US$10.8 billion) in the first half of the year, exceeding 15 per cent of the group’s six-month target, equal to 56 per cent of its yearly goal. — VNA/VNS Photo
The Viet Nam Oil and Gas Group (PVN) reported revenues of VND247.1 trillion (US$10.8 billion) in the first half of the year, exceeding 15 per cent of the group’s six-month target, equal to 56 per cent of its yearly goal.
The group paid VND44.2 trillion to the State budget, exceeding the six-month plan by 14 per cent and constituting 59 per cent of the annual plan.
The total output of oil equivalent reached 13.15 million tonnes in the first six months, surpassing by 0.2 per cent its six-month plan and reaching 51 per cent of the annual goal.
Of these, crude oil output reached 7.9 million tonnes, 2 per cent higher than planned for the first half of the year and 52 per cent of the annual plan.
A representative of PVN said domestic oil production reached 6.93 million tonnes in the six months, surpassing the half-yearly plan by 2.1 per cent, or 141,000 tonnes, while overseas output reached 0.97 million tonnes, 2.1 per cent over target.
In addition, gas production reached 5.25 billion cubic metres in the first half of this year, equal to 97.6 per cent of the plan.
Electricity production reached 11.11 billion kilowatt-hours (kWh), equaling 55.2 per cent of the annual plan.
Urea fertiliser production reached 909,000 tonnes and petroleum production reached 2.99 million tonnes, exceeding 19 per cent of the plan for six months.
Most of the group’s production exceeded the six-month targets by 2 to 19 per cent, said a representative of PVN.
The total after-tax profit reached VND13.1 trillion, exceeding by 15 per cent the plan for six months and equaling 79 per cent of the annual plan, the representative added.
The group’s results compared to set goals were attributed to the increased crude oil prices in the past six months that have reached $54.4 per barrel.
The group forecasts that the average price the year will fluctuate between $46 and $50 per barrel and the average oil price for the whole year will be $50 per barrel.
With this price, PVN’s revenue is expected to reach VND218 trillion in the second half of the year and pay the State budget VND36 trillion.
The group also expects a total revenue of VND465 trillion for the year, with taxes of VND80.2 trillion, exceeding 7.5 per cent the set goal. — VNS