Vietnam: PVN reports output exceeds goals

Vietnam: PVN reports output exceeds goals

The Vietnam Oil and Gas Group (PVN) reported that it has surpassed all
business goals in the first four months in 2017, while global oil prices
show signs of recovery.

According to PVN's latest report, the company's total oil and gas output in
April 2017 was 2.21 million tonnes, exceeding the monthly goal assigned by
the Government by 8.3 per cent. Accumulated production of oil and gas over
the last four months was 8.69 million tonnes, 6.2 per cent greater than the
four month plan and about 36.5 per cent of the annual goal for 2017.

PVN's oil output was 5.25 million tonnes, about 37 per cent of PVN's yearly
goal. Domestic oil extraction accounted for 4.6 million tonnes, while
overseas extraction accounted for 0.65 million tonnes. Gas output after the
first four months reached 3.44 million cubic metres.

Besides, petrol output records 2.25 million tonnes, electricity output 7.29
billion kilowatts and nitrogenous fertiliser 608,000 tonnes.

The average crude oil price in the first four months of 2017 was US$55.8 per
barrel, which was 11.6 per cent higher than the yearly expected price of
$50. As part of this rise, total revenue from PVN's subsidiary companies in
the last four months reached VND160.8 trillion ($7.1 billion), surpassing
the monthly goal by 17.6 per cent and about 37 per cent of the annual
business plan.

The company's post tax income as of April 2017 was VND5.8 trillion ($259.2
million), 11 per cent over the set goal and 35 per cent of the annual plan.

PVN's total contribution to the State budget reached VND26.3 trillion ($1.17
billion), 11 per cent over the four-month goal.

PVN will continue its 2016-20 business reconstruction plan, as per
instruction from the Government Office.

Four more oil reservoirs have been explored by the PVN for future
extraction. The company will focus all its resources and solutions on
ensuring that production carries on effectively in all fields.

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Link to Original Article:
http://bizhub.vn/news/pvn-reports-output-exceeds-goals_286242.html

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com