Ngoc Lan
An offshore oilrig operated by Vietnamese-Russian oil firm Vietsovpetro. PVN has extracted more crude oil than the target although oil prices have kept falling on global markets - PHOTO: TTXVN
A source from PVN said the group has realized the target to pump 16.21 million tons of crude oil from domestic and foreign fields as assigned by the Government and 9.5 billion cubic meters of gas as of December 9. The volume from the oil fields within Vietnam was 14.37 million tons.
PVN still managed to realize the targets for crude oil and gas though oil prices have dropped on global markets since late August to around US$62.48 per barrel on December 9, the lowest in five years.
The volume of crude PVN had extracted is 900,000 tons higher than its target set earlier this year, which is expected to help increase export revenues and contribute more to the State budget.
Despite a 40% fall of crude oil prices against the average in January-September, PVN still wanted extractions to be one million tons of crude oil and 500 million cubic meters of gas higher than targeted for this year.
The Ministry of Industry and Trade estimated the volume of extracted crude oil last month rose 22.3% year-on-year to 1.7 million tons while the pumping of liquefied petroleum gas (LPG) in January-November fell 10% compared to the same period last year.
The affiliates of PVN beating their oil and gas targets include Vietsovpetro which has surpassed the target by 250,000 tons, Su Tu oil fields by 150,000 tons, PetroVietnam Exploration and Production Corporation (PVEP) by 500,000 tons, Hai Thach-Moc Tinh gas field by 200 million cubic meters, and Lan Tay-Lan Do gas fields by 200 cubic meters.
Crude oil exports inched up 3.2% in November when prices fell 5.6% against October, according to a report of the trade ministry.
Due to strong decreases in oil prices on global markets, PVN will have to adjust its previous revenue and tax payment calculations for this year thought it is expected to contribute more to the State budget.
Based on crude oil prices from the year to August, PVN previously put crude oil prices in the last three months of this year at US$105 per barrel and the average price of this year at US$110 per barrel, up US$12 per barrel compared to its earlier estimation. Therefore, the group eyed VND107 trillion from crude oil sales, or 25.6% higher than estimated.
Deputy Minister of Finance Do Hoang Anh Tuan calculated that the State budget would lose around VND30 trillion if crude oil prices averaged out at US$70 per barrel this year.
Tuan was quoted by Tuoi Tre newspaper as saying that the finance ministry did not ask relevant agencies to raise crude oil extractions to offset the price fall but the trade ministry and PVN still determined to tap one million more tons.
Đăng ký: VietNam News
