PetroVietnam smashes revenue target to hit $9 bln in first five months

June 9, 2017 | 02:29 pm GMT+7
PetroVietnam smashes revenue target to hit $9 bln in first five months
PetroVietnam workers in Venezuela. Photo by VnExpress

The national oil giant has contributed $1.6 billion to the state budget so far this year.

Vietnam’s National Oil and Gas Group (PetroVietnam) earned total revenue of VND 204.8 trillion ($9.06 billion) in the first five months of 2017, 13.4 percent higher than targeted, reported Vietnam News Agency.

Of the figure, it contributed VND 35.6 trillion (nearly $1.6 billion) to the state budget.

In May alone, the group exploited some 2.25 million tons of oil, 10.4 percent more than targeted, bringing the total five-month figure to 11 million tons, 7.7 percent higher than planned.

According to PVN deputy general director Nguyen Quoc Thap, average crude oil prices have stood at $55.2 per barrel over the past five months.

If it maintains this output, PVN will surpass its target for 2017 even if oil drops to $45 per barrel, said Thap.

PVN has set a target of exploiting 14.2 million tons of oil this year that would earn the group VND 437.8 trillion ($19.46 billion) in revenue with oil prices standing at $50 per barrel.

The group exploited 17.23 million tons of oil in 2016, 1.19 million tons more than targeted. This equated to VND 452.5 trillion ($18.9 billion) in revenue and VND 24.4 trillion ($1.08 billion) in after-tax profit. From that it contributed VND 90.2 trillion ($4 billion) to the state budget.