January oil production exceeds target

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Viet Nam’s oil and gas output hit an estimated 2.05 million equivalent tonnes in January, surpassing the monthly target by 5.8 per cent.

Oil rigs off the coast of southern Viet Nam. Oil and gas output in January exceeded the monthly target by 5.8 per cent. — VNA/VNS Photo Huy Hung

Viet Nam’s oil and gas output hit an estimated 2.05 million equivalent tonnes in January, surpassing the monthly target by 5.8 per cent.

According to Viet nam Oil and Gas Group (PetroVietnam), oil exploitation volume is 1.13 million tonnes and gas output reached 0.92 billion cubic metres, 3.7 and 8.6 per cent higher than planned, respectively.

In addition, the group’s urea fertiliser production came to 142,940 tonnes, up 4.4 per cent compared to the planned figure.

Petrol and oil production also increased to more than 1.12 million tonnes, exceeding the monthly goal by 6.7 per cent.

As a result, the group earned about VND56.8 trillion (US$2.4 billion) in revenue and contributed VND8.2 trillion ($353.7 million) to the State budget.

Also in January, PetroVietnam spent more than VND3 billion ($129,000) on social welfare projects, including building houses and presenting gifts to disadvantaged groups. — VNS

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