PetroVietnam’s 10 Month State Budget Contribution Surpasses 22% Year Plan

StoxPlus | Wed, Nov 6, 2013 12:51:00 AM Share this on

Vietnam National Gas and Oil Group (PetroVietnam-PVN) contributed total of VND145. 8 trillion ($6.91 billion) to the State budget in the first 10 months of this year, surpassing 22% of the whole year target, thoibaonganhang.vn reported.

Despite the average oil price in the Jan-Oct, 2013 dropped by $6.3/barrel, compared to the same period last year but PetroVietnam’s total revenues still reached VND627 trillion ($29.7 billion), surpassing 20% of the full year target, Nguyen Xuan Son-Deputy General Director of PVN said at the October’s online briefing of the Ministry of Industry and Trade (MoIT) held on November 4.

In October, the group estimated to exploit 1.38 million tons of crude oil, down 4.3% on year, extending the 10 months’ figures to 13.74 million tons, down 0.7% on year.

Gas extraction and electricity production also sharply fell in the period due to slow consumption. Bien Dong mine (East Sea mine) can averagely transfer from 5 to 6 million cubic meters of gas to shore but the consumption is only from 2 to 2.5 million cubic meters.

Concerning gas and oil refinery, in October, Dung Quat Oil Refinery operated steadily, its output reached 548 thousand tons all kinds, bringing the 10 months’ output to 5.48 million tons, meeting 97% of the full year target, increasing 24.6% on year, the data were disclosed at the briefing.

So far this year, PVN has constructed 26 exploration and appraisal wells (21 domestic wells and 5 oversea ones). The group has also completed 30 drilling wells, putting 5 mines are Hai Su Trang, Hai Su Den, Tho Trang, West Dersaru-PM304 Lot in Malaysia and Moc Tinh 1 Well into exploitation.

In the last quarter of this year, PetroVietnam targets to exploit 6.38 million tons of petroleum of equivalent ; 4.1 million tons of crude oil; 2.28 million tons of gas, 3.53 billion kWh of electricity ; 388,000 tons of fertilizer;  1.35 million tons of petroleum to achieve a revenue of VND 183 trillion ($8.66 billion).

 

Source: StoxPlus