PetroVietnam continues showing strong performance despite difficulties

13:22 | 02/06/2018 Energy

The Vietnam National Oil and Gas Group (PetroVietnam) pumped 4.8 million tonnes of crude oil in the first four months of 2018, exceeding the target by 1.7 percent and accounting for 36.2 percent of its goal for the whole year.

Source: petrovietnam.petrotimes.vn

Of the total, domestic production fetched 4.16 million tonnes, 1.6 percent higher than the target, while its exploitation abroad was 0.63 million tonnes, exceeding the target by 2.3 percent.

Alongside crude exploitation, all major business and production indications of the firm also surpassed the targets. Specifically, gas production was 3.55 billion cubic meters, 4.7 percent higher than target and equivalent to 37 percent of the yearly plan. In four months, the group produced 7.73 billion kWh of power, 549,000 tonnes of nitrogen, and 2.32 million tonnes of petrol.

Total revenue of PetroVietnam in the first four months of this year was 177.1 trillion VND (US$7.79 billion), up 12 percent year on year. The firm paid 31.5 trillion VND (US$1.38 billion) to the State budget, a rise of 17 percent over the same period last year. Its profit after tax hit 7.6 trillion VND (US$334.4 million), surpassing the target by 22 percent.

Particularly, after three years of halting, the group’s Dinh Vu polyester manufacturing plant resumed its operation with three production chains on April 20. As of April 30, the plant produced 46.7 tonnes of fibre with high quality. In May, it is expected to produce 200 tonnes of fibre.

According to PetroVietnam, in 2018, the group has continued facing many difficulties as the crude oil prices remain low, while reduction is forecast in output of major oil wells in 2018, which will seriously affect the completion of domestic output targets.

Meanwhile, unforeseeable and complicated developments in the situation in the East Sea are impacting PetroVietnam’s exploration and exploitation activities as well as the attraction of foreign investment in the field.

At the same time, the competition on the market of oil and gas services has grown fiercer, posing challenges to PetroVietnam’s services companies.

To cope with the difficulties, the PetroVietnam has undertaken a number of measures to fulfil set targets of this year.

As of April 2018, all units of the firm have managed to maintain normal operation with all production indication exceeding the goals by 2-18 percent.

Theo VNA