According to the report of Vietnam Oil and Gas Group (PVN) announced on November 8, 2016, in 10 first months PVN has increased reserves of 10 million tons of equivalent oil (equal to 55.6% of year plan) and exploited 23.41 million tons of equivalent oil exceeded 9.8% of 10 month plan (10MP) and equal to 91.3% of year plan.

PVN production has been exceeded the plan

In 10 months, the production of other products also exceeded the plan: Gasoline production reached 5.62 million tons, exceeded 15.3% of 10MP and equal to 98.8% of YP, Electricity generation reached 17.66 billion kWh, exceeded 4.0% of 10MP and equal to 87.1% of YP. Nitrogenous fertilizer production reached 1.34 million tons, exceeded 3.0% of 10MP and equal to 85.2% of YP.

The financial targets have reached positive results in comparison with decreasing level of oil prices. Once comparing with operating price of the government in 2016 as US $ 45 per barrel, the financial targets of PVN exceeded 5-18% of 10MP.

PVN total turnover in 10 months reached VND 367.2 trillion, exceeded 5.0% of the 10 MP and equal to 84% of YP. The State budget payment reached VND 72.3 trillion, exceeded 6% of 10MP and equal 90% of YP. Total consolidated after tax profit reached VND 18.0 trillion, exceeded 11% of YP.

The report also showed that, the average price of crude oil in October of 2016 was US$ 52 per barrel, while the average level of 10 months was US$ 43.5 per barrel, equal to 96.7% of the government operating price (US$ 45 per barrel).

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