PetroVietnam misses targets

PetroVietnam misses targets

The Viet Nam National Oil and Gas Group (PetroVietnam) in the first half of this year failed to reach some targets set for oil exploitation.

Oil fields Rang Dong-Phuong Dong, Chim Sao, PM304 Lot in Viet Nam, Nhenhezky in Russia and Junhin 2 in Venezuela fulfil 98, 90, 94 and 42 per cent of targets respectively, the group said.

In addition, the average oil prices in the first half fell by US$11 a barrel from a year ago to $112 per barrel, causing the group's revenues down 2.2 per cent year-on-year.

However, PetroVietnam' crude oil output surpassed 50 per cent of year's plan at the end of the first half.

PetroVietnam was estimated to have exploited 8.3 million tonnes of crude oil in the first half of 2013, meeting 52.1 per cent of the full year plan.

In detail, the group exploited the equivalent of 12.58 million tonnes of oil in Q1/2013, including 8.3 million tonnes of crude oil; 5.3 billion cubic metres of natural gas (up 7.8 per cent year-on-year); 346,900 tonnes of liquefied petroleum gas (LPG) (up 11.9 per cent year-on-year) and 3.26 million tonnes of gasoline and oil (up 27.9 per cent).

Oil and gas discovered in four new oil fields, including Kinh Ngu vang-1X oil field (Lot 01 and 02/10), Dai Nguyet-2X oil field, Nam Du 1Xoil field and SYT-1X oil field (Lot M2 Myanmar).

The group said it also put Hai Su Trang oil field into operation.

In the second half of this year, PetroVietnam will continue its schedule and arrange sufficient capital for its investment projects, continue with tapping projects, develop domestic and oversea mining to meet its targets of oil reserve and exploitation.

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