PetroVietnam Posts Revenue of $11.3B in First Seven Months of 2016

State-owned Vietnam National Oil and Gas Group (PetroVietnam) generated $11.3 billion (VND 253 trillion) in revenue between January and July, with the firm contributing 20 percent or $2.3 billion (VDN 50.7 trillion) of its income to the state budget, according to local media VietnamNet.

PetroVietnam produced 10.32 million tons of crude oil and 231.6 billion cubic feet (6.56 billion cubic meters) of gas in the first seven months of this year, including 1.41 million tons of crude oil and 32.1 billion cubic feet (910 million cubic meters) of gas in July, Deputy General Director Do Chi Thanh said, as quoted Wednesday by VietnamNet.

"The group expects to achieve its targets in production and business for this year, despite the reduction in crude oil prices in the world market," Thanh said, adding that PetroVietnam would give priority to highly productive projects, while reviewing all issues that could affect crude oil and gas production during the course of the year.

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