State owned oil and natural gas company PetroVietnam saw its earnings surge for the period January-May of this year.
PetroVietnam’s Deputy General Director Le Minh Hong said that the company’s earnings surged by 47 percent over the same period in 2010 to $23.48 billion, contributing $5.52 billion to the state budget.
Hong said that PetroVietnam’s gross revenue was now equivalent to 98 percent of PetroVietnam's yearly target and will likely reach its goal later this month, commenting,
"PetroVietnam estimates to gain a total revenue of $32.28 billion for the whole year, surpassing its initial target set for this year by $8.5 billion," VietnamPlus news agency reported.
PetroVietnam’s contributions to the state budget represented an increase of 14 percent over its final target for 2011 and a 32 percent rise over the same period last year.
For the period January-September 2011, with oil prices ranging between $100-$115 per barrel, PetroVietnam's oil sales totaled $9.3 billion, a year-on-year increase of 49 percent and exceeding PetroVietnam's yearly plan by 9 percent.
This year PetroVietnam expanded its available oil and natural gas reserves with the discovery of three new oil and natural gas fields and the signing of five new oil and natural gas agreements, including four domestic deals and one overseas contract.
By. Joao Peixe, Deputy Editor OilPrice.com
Joao is a writer for Oilprice.com