The Viet Nam Oil and Gas Group (PVN) said it had surpassed its oil and gas exploitation target by 11.5 per cent in the first two months of this year. — VNA/VNS Photo

The Viet Nam Oil and Gas Group (PVN) said it had surpassed its oil and gas exploitation target by 11.5 per cent in the first two months of this year.

Electricity production was estimated at 3.23 billion kWh, exceeding 13.8 per cent of the plan.

Petroleum production was estimated at 2.41 million tonnes, 1.2 per cent more than targeted.

As a result, the group's total revenue in the first two months was estimated at VND116 trillion (nearly US$690 million), 5.1 per cent over target.

Le Manh Hung, PVN's general director, said the group's production and business activities had faced many difficulties in the past two months.

In the context of the global and domestic economy being seriously affected by the Covid-19 epidemic, prices of crude oil and gasoline had decreased and consumption of products in the group's supply chain such as gasoline, oil and nitrogen had also dropped.

PVN had directed its members to forecast and control the market, and build scenarios for petrol and oil production, inventories and transportation, he said.

Thanks to these efforts, the group and its members had maintained stable and safe production.

PVN would continue to implement solutions in the coming months, including cost reductions and optimising resources to suit market fluctuations.

It would also continue to improve corporate governance, and apply information technology in production and business.

PVN members would continue to work closely, proactively and actively in supply chains to maximise their resources such as materials and staff.

In addition, the group would concentrate its resources to accelerate investment projects, remove procedures, seek investment opportunities, expand markets, and take advantage of opportunities of trade agreements to reduce inventories. — VNS