The Vietnam Oil and Gas Group (PetroVietnam) reported robust May operations, surpassing its monthly goal on the way to achieving annual business targets.

PetroVietnam’s oil and gas output for May was 2.25 million tonnes, exceeding the amount assigned by the government by 10.4 per cent. This makes the company’s total output for the first five months of 2017 11 million tonnes, 7.7 per cent higher than the initial goal and 46.2 of the annual target.

The company’s revenue in the last five months was VND204.8 trillion (US$9.14 billion), 13.4 per cent higher than the monthly business goal and 47 per cent of the annual target.

PetroVietnam contributed VND35.6 trillion ($1.58 billion) to the State budget, 13 per cent higher than the five month target and equal to 48 per cent of the yearly objective.

PetroVietnam also reported significant progress in oil exploration, with the discovery of a new oil basin and the White Rabbit 3 oilfield seeing its first stream of oil extracted from well 37P on May 7, thirteen days ahead of schedule.

May’s crude oil turnover was 1.34 million tonnes, 12.3 per cent higher than the monthly target.

The first five months saw the company rake in 6.62 million tonnes, up by 8 per cent compared to the business plan and 46.6 per cent of the yearly target. Domestic production accounted for 5.80 million tonnes in the past five months and overseas oil production accounted for 0.82 million tonnes.

PetroVietnam gas production reached 0.9 billion cubic metres in May, 7.6 per cent higher than the monthly plan, making the first five months of 2017’s total 4.38 billion cubic metre, 7.4 per cent higher than the target and 45.6 of the annual goal.

The company generated 1.94 billion kilowatts of electricity in May, making the five month total 9.24 billion kilowatt and 46 per cent of the yearly target.

Petrol production for May reached 530,300 tonnes, 5.5 per cent higher than the monthly goal, making the first five month’s total output 2.8 million tonnes, 16.4 per cent higher than the initial plan and 41.2 per cent of the annual goal.

Fertiliser production in May reached 155,600 tonnes, 8.1 per cent above the monthly goal, making the first five month’s output a total of 764,400 tonnes, 10.6 per cent higher than the planned amount and 50.3 per cent of the yearly target.

The average price for crude oil in the first five months of 2017 is currently $55.2 per barrel, while Brent fluctuates between $50 to $52 per barrel. — VNS