Vietnam's oil mining output in the first four months of 2020 exceeded the plan by 7.7%

Despite the double blow of the COVID-19 and the sharp drop in oil prices, Vietnam's mining output has still reached 7.2 million tons in the past four months, 7.7% more than planned. In addition to oil extraction targets, Vietnam Oil and Gas Group (PVN) has also achieved many other production goals, such as electricity production reaching 7.03 billion kilowatt hours, fertilizer production reaching 601600 tons, exceeding the plan by 7.8%, and oil and gas production reaching approximately 4.53 million tons, exceeding the plan by 2.2%.

In April, the oil sales of various PVN units increased by 3.6% to 17.6%, leading to an improvement in the sales of various refined oil products. Therefore, the inventory of finished oil tends to decrease, but still remains at a relatively high level.

Due to the impact of the sharp drop in oil prices, the average oil price for the first four months of this year was $48 per barrel, lower than the planned $65 per barrel. The decline in oil prices resulted in the group's operating revenue reaching only 203.9 trillion Vietnamese dong in the first four months of this year, with a total of 24.1 trillion Vietnamese dong paid in.

While ensuring production and operation activities, PVN and all units have actively responded to the COVID-19. The epidemic prevention work has been strictly and effectively implemented.

Given the efforts made, all units of the group maintained a stable production situation in the first four months of 2020, with oil production exceeding the plan.