According to a report by the Ministry of Industry and Trade, data from which has been published by Nangluong Vietnam, Vietnam produced 13.9 million tonnes of crude oil during the first nine months of this year, which exceeds the index of the same period of the previous year by 9%.
According to the report, gas production amounted to 7.8 billion cubic metres (+1.8%) and production of petroleum products totalled 5.1 million tonnes (+25.7%).
According to Nguyen Hung Dung, Vice President of the Vietnam Oil and Gas Group Petrovietnam (PVN), the average oil price has held at $48 per barrel over the last nine months and the total production for the group during this period amounted to 21.86 million tonnes of oil equivalent. According to the Petrovietnam representative, the price of oil affected performance and corporate profit indicators. PVN revenues amounted to 423 trillion dongs for the nine month period, while the net profit was 29 trillion dongs.
At the end of September, Petrovietnam exported 11.9 million tonnes of oil while receiving only $3.05 billion in sales. (6.8 million tonnes of oil were exported with $5.98 billion proceeds of sales during the same period in 2014.) As a result of the drop in world oil prices, export volumes increased while value decreased.
Since the start of this year, PVN has drilled 22 exploration wells and has launched the Thai Binh gas project and the Vung Ang Thermal Power Plant.
The project for the construction of the Nghi Son Refinery is 62.3% complete as of today. The pace of construction is 3.2% slower than planned. Petrovietnam states that the project has been adversely affected by the principal partners' decisions to withdraw from joint funds.
Based on the Ministry of Industry and Trade outlook, in 2015 crude oil production will total 17.58 million tonnes (+1.1% to 2014), gas production will amount to 9.8 billion cubic metres (-4%), and production of petroleum products will reach 6.3 million tonnes (+10.4%).