The Vietnam Oil and Gas Group (PetroVietnam) exploited an estimated 17.32 million tonnes of oil equivalent in the first ten months of this year, surpassing the plan for the period by 2.3%.

PetroVietnam's oil rigs at Bach Ho field

The group's total revenue reached VND464.5 trillion (US$20.1 billion), or 83% of the yearly plan while its contribution to the State budget hit VND58.3 trillion, equivalent to 86% of the yearly target.

Amid the difficulties caused by the COVID-19 pandemic, the group was among a few oil and gas businesses in the world that managed to post positive growth in the January-October period.

The result is attributable to response measures undertaken by PetroVietnam and its members, including cutting costs. In the past 10 months, the group reduced costs by VND8.1 trillion.

Towards the year’s end, PetroVietnam sets the goal of continuing to exercise thrift, effectively using resources and devising scenarios to cope with market developments, as well as grasping new opportunities for effective disbursement, thus propelling its next growth.