The Vietnam Oil and Gas Group (PetroVietnam) on September 1 reported an oil equivalent output of 7.76 million tonnes in the first eight months of this year, 8.2% higher than the set target.

The group generated more than 14 billion kWh of electricity, equivalent to 96.9% of the target, and produced nearly 1.2 million tonnes of nitrogenous fertiliser, surpassing the target by 4.8%.

Its production of oil and petrol exceeded 8.2 million tonnes, only equivalent to 93.3% of the target, largely due to the Dung Quat Oil Refinery under maintenance.

In August, the group sold crude oil at US$47.5 per barrel, about US$2.3 higher than the price in the previous month, but still much lower than the price of US$60 set in the yearly plan.

PetroVietnam reported that total revenue in the eight-month period was over VND372 trillion (US$16 billion). The group contributed nearly VND45 trillion to the State budget, while its after-tax profit stood at over VND11 trillion.

The group said it will continue with comprehensive solutions to cope with potential risks to its operation in the remaining months of this year, with a focus on managing production costs and maintaining product quality.