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The Vietnam Oil and Gas Group (PetroVietnam) has reported that its oil output reached 1.78 million tons in the first two months of this year, surpassing the set target by 24 percent.

The group’s revenue in January and February was estimated at 118.73 trillion VND (5.19 billion USD), exceeding the two-month target by 34 percent, and up 46 percent from the same period last year. It contributed some 18.05 trillion VND to the State budget, surpassing the two-month target by 52 percent, and up 48 percent year on year.

Thai Binh thermal power plant

The achievements are attributable to the group’s good market forecasting work, flexible management and the ability to optimize opportunities despite uncertainties in the global oil and gas market.

Chairman of the Board of Directors of PetroVietnam Hoang Quoc Vuong said at a recent meeting that it is necessary to further bring into full play opportunities in production and restructuring.

PetroVietnam General Director Le Manh Hung said the group will focus on market forecasting to flexibly cope with the new situation, and urged units to continue with digitalization in business.