Ca Voi Xanh oil field in the Central region of Viet Nam is one of PVN’s key projects. PVN gained higher output of oil in the first quarter of this year. — Photo baomoi.com

Viet Nam Oil and Gas Group (PVN) exploited output of 6.45 million tonnes of crude oil in the first quarter of this year, 5 per cent higher than its quarterly plan.

The group said in March, it exploited 2.34 million tonnes, 4.4 per cent higher than its monthly plan.

During the first quarter, it also refined 1.69 million tonnes of petrol and oil, 15.5 per cent higher than its quarterly plan, and produced 447,000 tonnes of urea fertiliser, 9.7 per cent higher than its quarterly plan.

However, PVN has is currently facing its largest difficulties in the past 15 years owing to pressure following the reduction of global oil prices as oversupply of oil. It is also feeling the strain from restructuring of the group and adjusting production and business for sustainable development in the future.

To complete its major tasks in the second quarter and the entire year, PVN general director Nguyen Vu Truong Son said the group has focused all its resources and solutions on efficiently operating five core businesses.

PVN will strictly control activities related to oil and gas, promote implementation of the exploration and exploitation in 2017 and give priority to key projects such as Ca Rong Do oil field and Ca Voi Xanh gas field.

In particular, it will continue restructuring the group during 2016-20 under the plan approved by the Prime Minister, he said.

This year, PVN is striving to exploit 23.81 million tonnes of oil and produce 20.1 billion kWh of commercial electricity, 1.52 million tonnes of urea fertiliser and 6.8 million tonnes of petrol and oil. — VNS