12:38 | 10/04/2015 Companies
The Vietnam Oil and Gas Group (Petro Vietnam or PVN) targets 164.6 trillion VND (7.62 billion USD) in revenue during the second quarter of 2015, paying 30.1 trillion VND (1.4 billion USD) in tax.
According the first quarter report, PVN’s revenue totaled 132.2 trillion VND (6.12 billion USD), fulfilling 18.4 percent of its yearly target. To hit the 2015 goal, the group needs to generate additional 555 trillion VND (25.7 billion USD) in the remaining months.
The firm plans to expand exploration into new oil fields to boost crude oil reserves up to 35-40 million tonnes as well as continue ongoing structural reforms approved by the Prime Minister.
Reducing costs, using all resources effectively and ensuring safe and stable operations of local units are among this year’s action plan to spur the company’s revenue.
The national group will also conduct portfolio classifications and rankings, giving priority to urgent initiatives or important projects in 2015.
PVN exploited 7.21 million tonnes of gas and oil in the first quarter, 7.6 percent higher than its quarterly target and representing an annual increase of 4.9 percent.
Output of crude oil reached 4.61 million tonnes while that of gas topped 2.6 billion cubic metres, 10.4 percent and 3 percent above the quarterly target, respectively.
It produced 1.67 million tonnes of petroleum, up 6.2 percent from the same period last year. The figure was 21 percent higher than the quarterly target and fulfilled 30.2 percent of its yearly goal.