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

Related Topics


Hoa Binh takes actions to connect markets, promote values of agricultural products

After more than four years of implementing a project launched by the Hoa Binh Party Committee’s Standing Board on developing agriculture and promoting product consumption linked with building new-style rural areas for the 2021-2025 period, the province’s industry and trade sector has made significant strides, greatly contributing to local socio-economic development.

Luong Son district is determined to achieve the targets of double-digit growth

Luong Son district has identified 2025 as the year for the accelerated breakthrough to successfully implement the socio-economic development plan for the 5-year period from 2021 to 2025. The district has been focusing on executing the plans and trying to achieve a GRDP growth rate of approximately 15%.

Issuing the certificates of the product safety in the supply chain for the establishments

Since the beginning of this year, under the direction of the Department of Agriculture and Environment, the Sub-Department of Agricultural, Forestry, and Fishery Product Quality Management has strengthened the integration of the professional activities to promote and guide the organizations and individuals in the production and trading of agricultural, forestry, and fishery products to comply with the legal regulations regarding the use of chemicals, pesticides and veterinary medicines in crop cultivation, livestock farming and aquaculture. They also provide guidance to processing and manufacturing establishments on keeping the records to trace the product origins and using food additives from the approved list according to the regulations.

Hoa Binh province reviews state budget revenue in first two months

Hoa Binh province saw a significant rise in state budget revenue in the first two months of 2025, heard a meeting chaired by Vice Chairman of the provincial People’s Committee Quach Tat Liem.

Young Thai ethnic woman brings traditional brocade to international market

Ha Thi Ha Chi, a 26-year-old graduate in law, has taken an unconventional path by returning to her hometown in Mai Chau district to establish the Tong Dau Cooperative, creating stable jobs for local women and bringing Thai ethnic brocade weaving to the global market.

Tan Vinh farmers strive to excel in production and business

As the Lunar New Year 2025 approached, pork prices surged, creating a profitable season for farmers in Tan Vinh commune, Luong Son district. Taking advantage of the rising demand, Can Minh Son, a farmer from Coi hamlet, sold over 30 pigs at 69,000 VND/kg, each weighing more than 100 kg. After deducting expenses, his family earned a profit of over 50 million VND.