According to the report, the oil output reached 14.57 million tons, 1.1 million tons (8.2 %) more than the 6-month plan. PetroVietnam loses nearly US$4 billion because of lower oil pricesVietNamNet Bridge - The average oil price in the first half of 2016 fell nearly $20 to $40.5 a barrel, causing the sales of the Vietnam National Oil and Gas Corporation (PetroVietnam) to fall by VND85,000 billion (nearly $4 billion) over the same period. If the oil price remains at the current low level of $40, PetroVietnam may fail to accomplish the plan. Therefore, the Group planed to exploit 25.64 million tons of oil in 2016, earning revenue of VND514,500 billion, a total investment of VND78,000 billion. PetroVietnam’s revenue during this period is VND215,600 billion, below the plan and reducing by VND85,000 billion (nearly $4 billion) compared with the same period of 2015.

Source: VietNamNet News July 14, 2016 09:41 UTC