The Vietnam National Oil and Gas Group (PetroVietnam) will strive to exploit more than 6.49 million tonnes of oil by the year’s end, including 3.88 million tonnes of crude oil and 2.61 billion cubic metres of natural gas, to achieve total output of 27.59 million tonnes of oil.

This output is 7.6 per cent higher than its initial yearly target of 25.64 million tonnes set at the beginning of the year. The energy group reported its nine-month production output at 21.1 million tonnes of oil equivalent, surpassing the quarterly target by 10.2 per cent growth and equaling 82.3 per cent of the yearly goal. Crude oil comprised 13.03 million tonnes of total output, up 8.1 per cent year-on-year. Industrial production value increased 11 per cent over the nine months of last year.

Production of electricity, fertiliser and petroleum in the first nine months was also above targets by between 2.4 and 15.8 per cent.

These numbers are considered impressive given the gloomy outlook of the global oil market.

However, the group’s nine-month revenues reached only VNÐ327.4 trillion (US$14.7 billion), accounting for 86 per cent of the quarterly projection and just 64 per cent of the yearly target.