Viet Nam National Oil and Gas Group (PetroVietnam) reported better-than-expected business results in the first quarter but is expecting more challenges towards the end of the year.

The group earned VND136.3 trillion (roughly US$6 billion) in revenue in the last three months, a rise of 12 per cent over the target set for the first quarter and up 15 per cent year on year.

Its contribution to the State budget reached VND23.8 trillion, surpassing the target by 30 per cent, and up 12 per cent over the same period last year.

Oil and gas production exceeded the plan by 4.5 per cent, totalling 6.34 million tonnes of oil equivalent.

The production of electricity, fertilisers and petroleum also beat expectations by 5 per cent to 9 per cent.

The group’s power companies supplied 5.72 billion kWh to the national power grid in the first quarter, up 8.1 per cent over the plan. The fertiliser production output was 431,200 tonnes, up 9.3 per cent over the target, while petroleum production reached 1.69 million tonnes, up 5.7 per cent over the three-month goal. — VNS