04-04-09 The Vietnam Oil and Gas Group (PetroVietnam) announced it has exploited a total of 6.43 mm tons of equivalent oil in the first quarter of 2009, equivalent to 101 % of the targeted figure set for the period and up 14 % against the same period last year. This includes 4.42 mm tons of crude oil and 2.01 bn cm of gas, up 17 % and 7 % respectively compared to the same period last year.
During the period, the group exported 4.3 mm tons of crude oil, earning $ 1.45 bn, up 17 % in quantity and down 47 % in turnover compared to the same period last year. This is due to the decrease in global crude oil price which averaged at $ 45 a barrel in the first quarter, compared to $ 100 a barrel of the same period last year.

Due to the decreasing crude oil prices, PetroVietnam's total revenue and State budget contribution also dropped sharply compared to the same period last year. Specifically, the group's revenues totalled VND 52.2 tn, accounting for 25 % of the target set for whole year and down 20 % over the corresponding period last year.
PetroVietnam said it contributed VND 18.6 tn to the State budget, equivalent to 30 % of the 2009 target and down 26 % against the same period last year.

PetroVietnam targets to exploit 6.03 mm tons of equivalent oil in the second quarter of 2009, including 4.03 mm tons of crude oil and 2 bn cm of gas and export 3.9 mm tons of crude oil, earning $ 1.46 bn.