The Vietnam Oil and Gas Group (PVN) has announced it generated a total revenue of 365.5 trillion VND (15.8 billion USD) in the first half of this year, 18 percent higher than the six-month target and equivalent to 60 percent of the yearly goal.

Drilling rigs at Bach Ho oilfield offshore Vietnam. (Photo: VNA)

The PVN contributed 53.5 trillion VND (2.31 billion USD) to the State budget, 16 percent higher than the six-month plan and equivalent to 61 percent of the year’s target.

The corporation’s equity increased from 465.5 trillion VND on January 1 to 470.3 trillion VND (20.34 billion USD) on June 30, up 1 percent.

In the first six months of this year, the State-owned firm has also successfully fulfilled production plans. It produced 11.52 billion kWh of electricity, exceeding the plan by 246 million kWh, or 2.1 percent, and 705,800 tonnes of nitrogenous fertiliser, 71,000 tonnes higher than the plan, or 10.06 percent.

Petroleum production was valued at 5.66 million tonnes, exceeding the plan by 48,000 tonnes.

To fulfill the business goals set for this year, the group continues to keep a close eye on the global oil prices to come up with the most effective production and business management solutions.

Besides, the PVN will rationally balance production output, export and processing of oil-gas and electricity so as to ensure the targets set by the Government on growing GDP, State budget collection and national energy security.

It will also promote the use of scientific solutions and new advanced technology to improve production and business efficiency.

Last year, PVN’s total revenue reached 626.8 trillion VND (27.11 billion USD), an increase of 26 percent compared to 2017, and it contributed 121.3 trillion VND (5.24 billion USD) to the State budget, up 24 percent year-on-year.