PVN sells 355 million tonnes of crude oil in 30 years

7/25/2017 - 10:52:28 AM

The National Oil and Gas Group (PVN) has sold a total 355 million tonnes of crude oil since the first batch of crude oil was extracted from the Bach Ho field in April 1987, bringing about a huge source of foreign currencies for the country.

According to PVN Deputy General Director Nguyen Sinh Khang, a total 355 million tonnes of crude oil has been extracted from various oil fields over the past 30 years and has been sold at a total value of approximately US$145 billion.

Khang noted that the successful and safe exploitation and trading of crude oil is thanks to the considerable efforts of the PetroVietnam Oil Corporation (PVOil), PetroVietnam Exploration Production Corporation (PVEP), the Vietnamese-Russian joint venture Vietsovpetro, and Bien Dong Petroleum Operating Company (Bien Dong POC), among others.

In the first 6 months of 2017, a total of 7.48 million tonnes of crude oil extracted both at home and abroad was sold, bringing in US$3.17 billion, accounting for nearly 29% of PVN's total revenue.

In addition, 3.04 million tonnes of crude oil was provided for Dung Quat Oil Refinery to help increase the added value for Vietnam's crude oil.

According to PVN, the average price of Vietnam's crude oil reached US$54.4 per barrel in the first half of 2017, higher than the estimated price of US$50 per barrel and also higher than the average world price.

The average price of crude oil is forecast to fluctuate from US$46 to US$50 per barrel in the remaining months of this year. Accordingly, the average price of oil in 2017 is predicted to reach up to US$50 per barrel.

Source: NDO

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