Petrovietnam Reports 28% Drop in H1 Revenue

Petrovietnam’s revenue during the first six of 2016 was 215.6 trillion dong ($9.53 billion), down 28 percent on year as oil prices remained low.

The entire Group produced 14.57 million tons of oil equivalent during the first half of the year, an increase of 6.8 percent against 6-month plan. Crude prices averaged $40.5 per barrel in the first half, down 33.4 percent year-on-year, Petrovietnam said in a statement.

Meanwhile, the company expects the government will green light to its Overall Development Plan at Ca Voi Xanh, the largest gas field ever discovered South China Sea, VN Express, a local newspaper reported.

In the second half of the year, the company is looking for the government to approve a gas processing plant and a gas-fired power project, which will use gas from Ca Voi Xanh. The field was discovered by ExxonMobil in 2011. First gas from Ca Voi Xanh is expected by 2021.