PVN expects to reach target despite low global oil prices The Vietnam National Oil and Gas Group (PVN) earned VND253 trillion (US$11.3 billion) in revenue and paid VND50.7 trillion to the State budget in the first seven months of this year.   Do Chi Thanh, PVN deputy general director, said the group exploited 10.32 million tonnes of crude oil and 6.56 billion cubic metres of gas in the first seven months, including 1.41 million tonnes of crude oil and 910 million cubic metres of gas in July. With regard to petrol and oil production, Thanh said PVN produced 3.96 million tonnes of petrol and oil in the first seven months, with 584,400 tonnes in July itself. In the world market, the price of crude oil in July fell by $3 per barrel to touch $47 against June, Thanh said, adding that the average price of the product in the first seven months dropped by $18 year-on-year to reach $41.5 per barrel. “The group expects to achieve its targets in production and business for this year, despite the reduction in crude oil prices in the world market,” Thanh said. To achieve its targets, the group would give priority to highly efficient projects and would review all factors affecting crude oil and gas output this year, Vietnamplus.vn reported. Audit results In other development, PVN has been asked to collect VND905.67 million ($42.63 million) as profit till April 10, 2015, from the Gazprom Group of Russia. The State Audit Office of Vietnam proposed that PVN collect the amount as a result of its business activities with the Gazprom Group. The requirement is following the office’s audit report issued early this year, and included the results of the audit of PVN’s production and business activities in 2015. According to the report, the office also required PVN to review and determine personal and collective responsibility in the management and use of funds for development of science and technology, for scientific research and training, and for support activities for enterprise restructuring, dantri.com.vn reported. In addition, the State Audit Office required the Ministry of Industry and Trade to direct PVN to review and evaluate unsuccessful projects for the search and exploration of crude oil, as the company had proposed these projects be funded by the State budget for 2014. Thereafter, the group must submit the results to the Government, along with the balance sheets. The audit office also asked the Ministry of Finance to study mechanisms on dealing with financial problems of the unsuccessful projects and then submit those solutions to the Government. VNS