The Vietnam Oil and Gas Group (PetroVietnam) pumped 5.48 million tonnes of crude oil in the first six months of this year, surpassing the set target by 23 per cent.

The group’s revenue in the period was estimated at VND468.3 trillion (US$20 billion), up 55 per cent year-on-year and double the goal set for six months.

At a recent meeting of the group, General Director Le Manh Hung said the PetroVietnam faced numerous difficulties as a result of the Russia-Ukraine conflict, causing disruptions to supply chains, pushing up prices of energy and materials, as well as transport and production costs.

Existing oil and gas mines have seen big reductions in output while the exploitation of new ones is hindered by regulations.

Given such difficulties, the group has undertaken a series of measures to maintain output and stable operations, including the application of information technology, he noted.

In the second half of the year, PetroVietnam will continue updating, evaluating and forecasting the macro-economic situation to develop operation plans, solve difficulties and actively find solutions to maintain output, ensuring it is not lower than in 2021. It will expand consumption markets while promoting the implementation of linkage chains.

It will also enhance digital transformation, creating positive changes in business and governance models, thus improving operational efficiency, Hung said. — VNS