In the first five months of 2020, the Vietnam Oil and Gas Group (PetroVietnam)’s oil equivalent output was 4.4% higher than its target at 8.99 million tonnes.
In the month of May, crude oil output was 2.1% higher than the monthly plan to 960,000 tonnes, and gas production fulfilled the monthly goal at 0.84 bcm. Petrovietnam generated 2.05 billion kWh of electricity and produced 149,800 tonnes of nitrogenous fertilizer. Both were surpassing targets by 4.7% and 4.2% respectively.
Last month, oil and petroleum productions were only 91.5% of the monthly goal, mainly affected by the capacity cut of the Nghi Son refinery on maintenance and PetroVietnam Oil Corporation (PV Oil) reduced production of petroleum as demand slumped.
In the January-May period, the company cut almost VND8.7 trillion (USD375.4 million) in response to the crashing oil prices and the coronavirus pandemic. Revenue in the period nosedived by 29% year-on-year to VND124.2 trillion (USD5.33 billion). The post-tax profit plunged by 49% yearly to VND7.1 trillion (USD306.3 million).
