The Vietnam Oil and Gas Group (PetroVietnam)’s exploited crude oil output in the first four months of 2020 reached 7.2 million tonnes of oil equivalent, exceeding its set target by 7.7%, despite difficulties caused by the COVID-19 pandemic and a sharp decrease in oil prices.

An oil rig - Illustrative image (Source: VNA)

In the period, the group’s electricity production hit 7.03 billion kWh, nitrogen output reached 601,600 tonnes, and petroleum production is estimated at 4.53 million tonnes, all surpassing its targets.

The consumption of petroleum products began to prosper in April as the volume of consumed petroleum of the group’s units in April increased by 3.6-17.6% against the previous month.

Due to a significant reduction in the world’s oil prices, the group's oil price during January-April was averaged at around US$48 per barrel, much lower than the planned price of US$65 per barrel.

As a result, PetroVietnam's revenue in the period reached only VND203.9 trillion (US$8.83 billion), and its State budget contribution be VND24.1 trillion (over US$1 billion).