PVN reports positive performance in first four months

The Vietnam Oil and Gas Group (PVN) has fulfilled all production targets and enjoyed an increase in revenue in the first four months of 2017.

PVN reported that it surpassed the oil and gas, electricity and nitrogen production targets for the period. Total oil-equivalent extraction output reached 8.69 million tonnes between January and April, 6.2 percent higher than the Governmental target.

As a result, its revenue was 17.6 percent above the four-month target and rose 20.4 year-on-year. The group’s tax payment for the State budget was 11 percent higher than initial plans and grew 14 percent compared to the same period in 2016.

Meanwhile, the group conducted assessed drilling in four new wells.

The firm will optimise resources and solutions to achieve key tasks, including restructuring, for the second quarter as well as the whole year, PVN said.

In 2017, the group is aiming for 23.81 million tonnes in oil-equivalent extraction output, 20.1 billion kWh of commercial electricity, 1.52 million tonnes of nitrogen fertiliser, and some 6.8 million tonnes of oil and gasoline.

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