PVN’s nine-month oil production exceeds assigned plan

16:19 | 30/10/2017 Energy

The domestic crude oil output of the Vietnam National Oil and Gas Group (PVN), in the first nine months of 2017, has exceeded the Government-assigned plan by 297,000 tonnes, significantly contributing to the growth of the country’s Gross Domestic Product (GDP).

The PVN's oil production in the first nine months of 2017 reach 11.7 million tonnes

According to the statistics announced by the PVN in early October, the total output of oil equivalent reached 19.01 million tonnes, meeting 73.6% of the year’s plan.

Specifically, oil production during the period hit 11.7 million tonnes, an excess of 2.8% in comparison to the set target, with domestic production at 10.25 million tonnes, exceeding by 3%, equivalent to 297,000 tonnes, and foreign production at 1.46 million tonnes, surpassing the plan by 1.4%.

In addition to crude oil production, the PVN has also surpassed other output targets, including nitrogenous fertilizer production (1.32 million tonnes, exceeding the plan by 10.1%) and petroleum production (4.46 million tonnes, exceeding the plan by 22.6%).

Thanks to the finalisation of their business production targets, PVN’s financial targets also surpassed the set plans, with the group earning VND367 trillion (US$16.15 billion) in total revenues between January and September, exceeding their plan by 16%, and contributing VND68 trillion (roughly US$3 billion) to the State budget, 21% above the set plan.

In the remainder of the year, the PVN will focus on synchronously implementing the necessary measures in order to ensure domestic crude oil production in 2017, in accordance with the plan assigned by the Government.

In addition, the group will work actively and closely with the relevant agencies in deploying its business production and investment activities, contributing to affirming Vietnam’s sovereignty.

Theo NDO