Vietnam National Oil and Gas Group (Petro Vietnam) has announced that the total production of crude oil in the first 6 months of 2017 reached 13.15 million tons, equivalent to 51% of the year’s plan.
In particular, oil production reached 7.9 million tons, exceeding 141,000 tons over the six-month plan. Petro Vietnam's oil output exploited oversea reached 0.97 million tons, surpassing the planned 2.1%. Gas production in the first 6 months reached 5.25 billion m3.
In other fields, Petro Vietnam produced 11.11 billion kWh, 909,000 tons of nitrogenous fertilizer, and 2.99 million tons of processed gasoline.
"The domestic production of crude oil exceeds 141,000 tons compared with the plan - contributing significantly to the country's economic growth," the report emphasized.
According to Petro Vietnam, the average price of crude oil in the first six months of this year is US$54.4/barrel, up US$4.4/barrel compared to US$50/barrel planned. Brent oil price is around US$45-48.
Therefore, the total revenue of the group reached VND247,100 billion, exceeding 15% of the 6-month plan and equal to 56% of the plan. Total profit after tax in 6 months reached VND13,100 trillion, exceeding 15% of 6-month plan and equal to 79% of the year plan.
According to Petro Vietnam, these positive outcomes are driven from the increase of 8.8% in crude oil price in the first 6 months of 2017, higher than the planned price. At the same time, the group also discovered a new oil and gas field.
In the second half of 2017,Petro Vietnam will continue to exploit crude oil to meet the target of 13.28million tons of crude oil and 10.61 billion m3 of gas under the direction ofthe Prime Minister and the Ministry of Industry and Trade.
