PetroVietnam reports 2020 oil production at 11.47 mln tons, beating target by 8%

Xuan Thinh Tuesday | 01/12/2021 11:05

Photo courtesy of PetroVietnam

Vietnam National Oil & Gas Group produced 11.47 million tons of crude oil in 2020, exceeding the whole-year goal by 8% despite pandemic, CEO Le Manh Hung told Friday conference in Hanoi.

The State-run oil and gas firm has completed oil production target 26 days ahead schedule while gas output last year reached 9.16 billion cubic meter.

The group has also completed the year plan to increase petroleum reserves 6 months ahead schedule, reaching 15 million equivalent oil. The oil production could increase since it has two new oil fields, namely Ken Bau and Soi Vang.

The COVID-19 pandemic brought PetroVietnam the most difficult year in its 45-year history. The Group had to focus on coping with pandemics and the unprecedented decline in crude oil prices.

While several petroleum corporations in the world suffered huge losses due to pandemic and oil price war, Petrovietnam has become one of a few oil and gas firms reporting profits in 2020. Total revenue of the group last year was VND566 trillion ($24.7 billion) and consolidated pre-tax profit was reported at VND17.5 trillion ($762 million).

PetroVietnam’s nitrogen production reached 1.80 million tons, exceeding the year plan by 15 percent. Petroleum production of the Group reached 11.87 million tons, exceeding the year plan by 0.5 percent, and electricity production reached 19.17 billion kWh.