Hanoi (VNA) – The Vietnam Oil and Gas Group(PetroVietnam) has reported that its exploitation in the first two months of2020 exceeded the set plan by 11.5 percent.

Apart from the exploitation activity, the firm’s operations in other productionfields also surpassed the plan.

PetroVietnam’s electricity production in the reviewed period was estimated toreach 3.23 billion kWh, 13.8 percent higher than the set plan. Meanwhile, its nitrogenand petroleum production was estimated at 304,800 tonnes and 2.41 milliontonnes, up 10.4 percent and 9.3 percent against the targets, respectively.

Thanks to outputhigher than expected, the State-run firm’s total revenue hit 116 trillion VND (over5 billion USD), exceeding the target by 5.1 percent. The group contributed anestimated 14.3 trillion VND to the State budget.

According to General Director Le Manh Hung, the group’s production and businessin the last two months also faced many difficulties due to the impact caused bythe COVID-19 on the global and national economy.

The supply of oil and gas service of the group's subsidiaries in theinternational market has also met difficulties because of the epidemic.

From early February, PetroVietnam directed its member units to do well the marketforecast and build special response scenarios in production, business, inventoryand transport.

With timely solutions, the group and its subsidiaries have maintained stable andsafe production and business.

In the coming time, it will focus on reducing production cost, optimisingresources in accordance with market fluctuations, towards completing the annualand periodic plans, Hung said.

PetroVietnam’s member units will continue to work closely to maximise resourcesof the group such as materials and human resources.

It will also accelerate the implementation of investment projects, seekinvestment opportunities for chains of linked projects, expand markets, takeadvantage of opportunities from free trade agreements, and promote exports toreduce inventories./.