The Vietnam National Oil and Gas Group (PetroVietnam)
produced 15 million tonnes of crude oil this year, 30 percent higher than
production targets set earlier this year.
The group exceeded the target
despite lower output from some oil fields, which was compensated by technical
innovations, which raised the extraction ratio up to 52 percent.
In second half of the year,
PetroVietnam has also begun tapping into two new oil fields and has increased
oil production abroad.
Higher production has also
helped the group realise its financial plan for the whole year, with total
revenue of 672 trillion dong (US$32 billion), of which 170 trillion dong
(US$2.8 billion) went into the State budget.
These figures indicate the
group's income will account for half of the country's total income.
In terms of payment to the
State, the group will constitute around 70 percent of corporate and group
contributions.
PetroVietnam general director
Do Van Hau said the government had assigned the group to produce 15.8 million
tonnes of oil and 9 billion cu.m of gas in 2012.
VNA
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