PVN expects to reach target despite low global oil prices

Do Chi Thanh, PVN Deputy General Director, said the group exploited 10.32 million tonnes of crude oil and 6.56 billion cubic metres of gas in the first seven months, including 1.41 million tonnes of crude oil and 910 million cubic metres of gas in July.

With regard to petrol and oil production, Thanh said PVN produced 3.96 million tonnes of petrol and oil in the first seven months, with 584,400 tonnes in July itself.

In the world market, the price of crude oil in July fell by US$3 per barrel to touch US$47 against June, Thanh said, adding that the average price of the product in the first seven months dropped by US$18 year-on-year to reach US$41.5 per barrel.

“The group expects to achieve its targets in production and business for this year, despite the reduction in crude oil prices in the world market,” Thanh said.

To achieve its targets, the group would give priority to highly efficient projects and would review all factors affecting crude oil and gas output this year.