The Vietnam Oil and Gas Group (PetroVietnam) has reported that its exploitation of crude oil in the first quarter of 2020 exceeded the target by 10%.

Illustrative image (Photo: VNA)

According to PetroVietnam, in the first quarter, the firm also enjoyed high production of other products.

Electricity production reached 5.33 billion kWh, equivalent to 100% of the first quarter plan, and 24.7% of the annual target.

The firm produced 441,800 tonnes of nitrogenous fertilizer, and 3.41 million tonnes of petroleum, 5.5% and 2.5% higher than the set targets, respectively.

PetroVietnam contributed VND20.8 trillion (US$883.6 million) to the State budget in the period, or 89.7% of its target for the quarter.

PetroVietnam and its subsidiaries have actively implemented a series of solutions to maintain their production and business activities amid the COVID-19 pandemic, which has led to a sharp drop in global crude oil prices and caused serious losses to the domestic oil and gas industry.

The firm has strengthened cooperation with domestic businesses that have business lines related to products they supply.

It has also monitored market information related to the demand and price fluctuations of crude oil and petroleum products, and outlined plans to take advantage of business opportunities.