Despite sharp declines in crude oil prices, the Vietnam Oil and Gas Group (PetroVietnam) achieved satisfactory production and business results during the first five months of this year.

This was announced by PetroVietnam Deputy General Director Do Chi Thanh during a meeting at the Ministry of Industry and Trade last week.

The company recorded a total turnover of VND122 trillion (US$5.81 billion), or 83 per cent of the five-month quota, and earned an after-tax profit of VND17.1 trillion ($814.28 million), equivalent to 87 per cent of the plan. (Photo: dantri)

Thanh also noted that some 7.6 million tonnes of crude oil was exploited during the five months, representing 108 percent of the firm's target for the period.

The volume of gas exploited was 4.5 billion cubic metres, or 104 percent of the targeted figure, and the yield of oil products rolled out was 12.1 million tonnes, or 107 percent of the planned volume.

The company recorded a total turnover of VND122 trillion (USD5.81 billion), or 83 percent of the five-month quota, and earned an after-tax profit of VND17.1 trillion (USD814.28 million), equivalent to 87 percent of the plan.

Thanh said that in the face of declining oil prices, the company had tried to cut costs to achieve these results.

In May, crude oil prices averaged USD67 per barrel, rising by USD5 from the April level. However, the average price during the five months was USD60 per barrel, down 46.7 percent over the same period last year./.

VNF/VNA