The figure, however, is lower than the company's crude oil output of 2.74 million tonnes in the same period last year. PetroVietnam, formally known as Vietnam Oil and Gas Group, reported natural gas output of 1.97 billion cubic metres in the January-March period, 17.6% higher than its target. "This year's economic conditions are forecast to be less favourable than last year's, so the group and its units will need breakthrough measures to realise its targets for the year," PetroVietnam said in a statement.
Vietnam has been struggling to increase its crude oil output as reserves at most of its major oil fields are running low, while offshore exploration activities have slowed in recent years following maritime disputes in the South China Sea.
Vietnam, a regional manufacturing centre, has become more reliant on imported crude oil, with imports in the first quarter rising 55% from a year earlier to 2.7 million tonnes.
PetroVietnam said its pre-tax profit in the first quarter
reached 13.6 trillion dong ($580.18 million), or 39% of its
full-year target.
($1 = 23,441.0000 dong)
(Reporting by Khanh Vu; Editing by Martin Petty)
