Petrovietnam revenue hits all-time high in 11 months

Petrovietnam earned a revenue of VND854 trillion ($36.22 billion) in the past 11 months, a record high since the state giant's establishment in 1977.

The oil and gas group (PVN) reaped the record after having fulfilled the year's revenue target in September, according to a release at its monthly meeting on Friday.

It contributed VND134.5 trillion ($5.71 billion) to the state budget in the period, while the year's budget contribution target had been fulfilled in June.

PVN's leaders attributed the results to the high output this year though oil prices in previous years were higher than the average of 2022 amid lower demand due to China's zero-Covid policy, the appreciation of the U.S. dollar, and EU sactions against Russian oil.

Last year, the group earned a revenue of VND620.2 trillion ($26.31 billion), up 28% year-on-year, and paid VND112.5 trillion ($4.77 billion) to the state budget, up 36%, exceeding the target by 26.4% and 80%, respectively.

In the year to November 16, PVN put five new oil wells into exploitation, beyond its 2022 target of four new oil wells.

The exploited crude oil reached 9.91 million tons in the first 11 months of this year, versus 9.97 million tons in the same period of 2021. The achievement is 13% higher than the whole year target of 8.74 million tons, which was completed on October 20.

PVN's petroleum production reached 6.17 million tons in the year to November 23, not including those from Nghi Son oil refinery, fulfilling the whole year target.