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PetroVietnam: Revenues Hit $23.2 billion in Jan-Aug

PetroVietnam: Revenues Hit $23.2 billion in Jan-Aug - 

Vietnam Oil and Gas Group (PetroVietnam) said, in August 2014, PetroVietnam has put into operation a new oil mine (Cendor II Mine under PM304 lot offshore Malaysia), increasing the total mine up to five within first eight months of 2014, made revenues of VND492 trillion ($23.2 billion), equivalents to 18.25 million tons of oil exploited.

The Cendo II Mine rig of the PM304 lot offshore Malaysia

The eight-month oil output, including 2.16 million tons in August, was up 2.1% on year, PetroVietnam said in a statement, attributing the increase to the operations of new mines.

PetroVietnam started oil production at five new mines from January to August, with Cendor II mine in PM304 lot offshore Malaysia being the latest one.

During the period, the conglomerate produced 3.46 million tons of oil and gasonline, of which Dung Quat oil refinery provided 3.21 million tons while the rest was from Phu My Condensate.

Its eight-month electricity and fertilizer outputs were estimated respectively at 10.54 billion kWh and 1.08 million tons. Up to 573,700 tons of the fertilizers were produced at Phu My fertilizer plant.

Fiber production was 7,390 tons in August, bringing the eight-month volume up to 22,000 tons.

According to the statement, PetroVietnam contributed VND112.6 trillion ($4.65 billion) to the state budget in the first seven months, fulfilling 80% of the full-year plan.

In 2014, the group plans to exploit 26.63 million tons of oil equivalents, including 16.83 million tons of crude oil, produce 4.76 million tons of fuels and need VND100 trillion ($4.74 billion) in capital for implementing its projects.

PetroVietnam expected its total revenues to increase 6.8% to VND673.3 trillion ($31.91 billion) this year; Revenues Hit $23.2B in Jan-Aug; Oil Output Up 2.1%.

Vietnam Oil and Gas Group (PetroVietnam or PVN) made revenues of VND492 trillion ($23.2 billion) in the first eight months of 2014, with 18.25 million tons of oil equivalents exploited.

The eight-month oil output, including 2.16 million tons in August, was up 2.1% on year, PetroVietnam said in a statement, attributing the increase to the operations of new oil fields.

Vietnamenergy.vn

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