This year, the group had set a revenue target of VND718.4 trillion ($31.87 billion). Due to falling price in crude oil, the group revenue will face a loss of about VND163.4 trillion ($7.2 billion). — Photo VNA

HA NOI (Biz Hub) — PetroVietnam (PVN) reported yesterday that its targeted revenue has dropped sharply due to falling global crude oil prices, said Do Chi Thanh, deputy general director of PetroVietnam during a meeting yesterday in Ha Noi.

According to Thanh, the estimated average oil price in November this year fluctuated around US$48 per barrel or down $2.7 per barrel compared to October. The average oil price in the first 11 months this year stood at around $55.6 per barrel, or down $50.4 per barrel over the same period last year.

The falling price has resulted in low total revenue for the group in the first 11 months this year by reaching only VND511 trillion ($22.76 billion) only or equivalent to 74.2 per cent of its yearly plan and it contributed VND108 trillion ($48.1 billion) to the State coffers.

This year, the group had set a revenue target of VND718.4 trillion ($31.87 billion). Due to falling price in crude oil, the group revenue will face a loss of about VND163.4 trillion ($7.2 billion).

According to reports from the leaders of PVN, the basic indicators of its production were all achieved and exceeded. Specifically, its output of crude oil reached 17.19 million tonnes, exceeding 2.3 per cent of its plan or up 8.9 per cent over the same period last year.

Gas exploitation reached 9.7 billion cu.metre, or 99 per cent of its yearly plan and electricity production after 11 months also hit 20.01 billion kWh, exceeding 8.2 per cent of the yearly target. Petroleum production also obtained 6.33 million tonnes, up 14 per cent of the yearly target. — VNS