PV GAS surpasses production and financial targets 7- 31 per cent and 14-59 per cent representatively in this year’s the first quarter
In spite of many difficulties in this year’s the first quarter, PetroVietnam Gas Corporation - JSC (PV GAS) has taken efforts to overcome the difficulties and to achieve the quarter’s goals which Vietnam Oil and Gas Group (PVN) had assigned. PV GAS surpassed production and financial targets 7-31 per cent and 14-59 per cent representatively.
PV GAS carried out plans of production and trades in the first quarter amid COVID-19 pandemic, which has affected the global economy and Viet Nam, leading to postponement in production and the decrease in the needs of fuel including gas and LPG. Oil prices have dropped since February, deeply sinking in March and falling to lowest in last four years. They were lower than planned ones (US$60 per barrel). LPG contact price (CP) has dropped continuously since this year’s beginning (CP in March falling by $70 per tonne compared to February and by $122.5 per tonne against January). Problems at the upper region had occurred and affected the supply of gas. Several large projects of PV GAS had had deadline been very close and complex to carry out. Potential problems had occurred in the implementation so ensuring deadline had been very difficult.
In these circumstances, PV GAS still had continued producing and trading while prevention and control of COVID-19 had been carried drastically since its tasks had had to ensure national energy security and safety for the gas system.
In the first quarter, PV GAS admitted more than 2.35 billion of cubic metres of wet gas, equalling 102 per cent of the quarter plan; produced and supplied nearly 2.3 billion of cubic metres of dry gas, equalling 107 per cent of the plan. PV GAS also produced and supplied 15.2 thousand of tonnes of condesate, equalling 108 per cent of the plan; and 426.2 thousand of tonnes of LPG, equalling 131 per cent of the quarter plan and 110 per cent compared to last year’s the same period.
PV GAS’s total revenue was more than VND17.5 trillion, achieving 114 per cent of the quarter’s planned target. Its profit before tax reached more than VND2.6 trillion, achieving 133 per cent of the planned target. Its post-tax profit reached more than VND2.1 trillion, achieving 135 per cent of the target. Its contribution to the national budget was nearly VND1.14 trillion, achieving 159 per cent of the target. However, compared to the same period of last year, PV GAS’s achieved financial targets of this year were lower because the gas production mostly reduced by 10 per cent, Brent oil price dropped averagely by 13 per cent and FO price fell averagely by 28 per cent.