Petrovietnam surpasses oil exploitation plan by 23% in H1

State-run Petrovietnam pumped 5.48 million tons of crude oil in the first six months of the year, surpassing the set target by 23%.

The group’s revenue in the period was estimated at VND468,300 billion ($20 billion), up 55% year-on-year and double the goal set for six months.

At a group meeting Tuesday, general director Le Manh Hung said Petrovietnam faced numerous difficulties with the Russia-Ukraine conflict prolonged for more than 100 days, causing disruptions to supply chains, pushing up prices of energies and materials, as well as transport and production costs.

Besides, existing oil and gas fields have seen big reductions in output while the exploitation of new ones is hindered by regulations.

Given such difficulties, the group has undertaken a series of measures to maintain output and stable operation, including the application of information technology, it was added.

In the second half, Petrovietnam will strive to ensure its output is not lower than in 2021. It will also enhance digital transformation, create positive changes in business and governance models, thus improving operational efficiency, Hung said.