PetroVietnam attained US$16.2 billion in revenue in 9M 2017

By Minh An - Oct 05, 2017 | 03:30 PM GMT+7

TheLEADERIn the first 9 months of 2017, the crude oil extraction in Vietnam exceeded its plan by 297,000 tons, contributing significantly to the economic growth of the country.

PetroVietnam attained US$16.2 billion in revenue in 9M 2017
The base rigs of MSP-1 and BK7 at Bach Ho oil field (photo: PetroVietnam)

The Vietnam Oil and Gas Group (Petrovietnam) has revealed that the total oil production in 9M 2017 reached 11.07 million tons, exceeding its plan by 2.8 per cent.

Gas production in 9M 2017 was 7.31 billion m3, reaching 69 per cent of the plan for this year. According to Petrovietnam, the Vietnam Electricity has actively reduced the capacity of thermal power plants to boost the capacity of hydropower plants due to higher volumes of water supply.

The Group's total petrol production in 9M 2017 reached 4.46 million tons, exceeding the 9-month plan by 22.6 percent and reaching 65.6 per cent of this year's plan. In addition, Petrovietnam has produced 15.59 billion kWh of electricity and 1.32 million tonnes of protein. After 9 months, the Group's total revenue reached VND367.5 trillion (roughly US$16.2 billion), exceeding its 9-month plan by 16 per cent. In M9 2017, it paid VND68.8 trillion (roughly US$3.03 billion) to the State, 21 per cent higher than expected.

According to Petrovietnam,it has successfully completed the production targets in the context of the petroleum market instability, low oil prices and many unresolved obstacles on mechanisms and policies.

The Gorup has also implemented the equitization and divestment of affiliated companies in the 2017-2020 period in accordance with the list approved by the Prime Minister on August 10, 2017. At the same time, it continues to handle some ineffective projects as directed by the government and the Ministry of Industry and Trade.