Hanoi (VNA) – The Vietnam Oil and Gas Group (PetroVietnam) reportedtotal revenue of 283.5 trillion VND (12.2 billion USD) in the first half ofthis year, contributing 32 trillion VND to the State budget.

Total oil productionin the period reached 10.73 million tonnes of oil equivalent, exceeding by 4.2percent the six-month plan and equal to 52.7 percent of the yearly plan, ofwhich the output of crude oil reached 5.92 million tonnes, exceeding thesix-month plan by 8 percent.


Gas output touched3.81 billion cu.m, fulfilling the six-month target and 49.4 percent of theyearly plan.

Electricity productionin six months reached 10.9 billion kWh, completing 98.7 percent of the six-monthplan and 50.5 percent of the yearly plan.

Nitro fertiliser productiontotalled 962,400 tonnes, exceeding the six-month plan by 13.5 percent andequaling 61.6 percent of the yearly plan. Petrol production reached 6.4 milliontonnes, meeting 96.3 percent of the six-month plan and 64.2 percent of theyearly plan.


PetroVietnam’s GeneralDirector Le Manh Hung said that the group will continue to keep close watch onmarket developments, and keep updated on the trend of supply and demand,inventory of crude oil, petrol products and petrochemicals over the world andin the country in order to timely make responsive decisions with the goal of optimisingbenefits, compensating for losses during the COVID-19 pandemic.

The group will alsocoordinate closely with contractors in taking synchronous measures to ensurethe completion of exploration plans and monitor the development process of oilfields and works as well as the safe and stable operation of factories, Hungstated.


He added that hisgroup will focus on speeding up procedures to boost disbursement in theremaining months of 2020, intensifying the application of technologicalsolutions to reduce costs and increase productivity, and addressingdifficulties facing five ineffective projects as mentioned in Decision No.1468which was approved by the Prime Minister on September 29, 2017.

PetroVietnam has set agoal of reducing average crude oil exploitation costs in order to sustainbusiness during the 2020-2025 period, even if crude oil price drops to 30 USD perbarrel.

During the recentthird congress of the Party organisations at PetroVietnam for the 2020-2025tenure, General Director Le Manh Hung said the group is facing difficultiesduring 2015-2020, especially in exploration and exploitation.

Secretary of the PartyCommittee and Chairman of the Board of Directors at PetroVietnam, Tran SyThanh, asked the group to focus on two key tasks. The first is following theResolution adopted by the fourth plenum of the 12th Party Central Committee onParty building and rectification while preventing and driving back degradationin political thought, moral virtue, and lifestyle.

The second isimproving corporate governance to achieve set goals, especially those regardingproduction and trade as well as finance, and paying attention to petrol priceforecasts to better control risks, he said.

PetroVietnam will putinto operation Lot B and the Ca Voi Xanh gas fields, the largest in Vietnam,during the 2020-2025 period.

The group’s totalrevenue in 2015-2020 is estimated at 3,397 trillion VND (over 146.37 billionUSD) and State budget contributions at 592 trillion VND. After-tax profit isexpected to reach 170 trillion VND.

It expects to tap25-30 million tonnes of oil equivalent each year after 2024.


The Vietnam Oil andGas Group, formerly Vietnam Oil and Gas General Department, is a state-ownedcorporation established since September 3, 1975. PetroVietnam is engaged in theenergy sector, including oil and gas and renewable energy. With more than 40years, PetroVietnam has been growing into a fully integrated business model,ranging from exploration - production, refinery – petrochemical, gas industry,gas to power/fertiliser and petroleum technical services. As a leadingcorporation, the group has a key role in accelerating national economic growth,high-qualified human resources development, international integration andoverseas investment./.