The National Oil and Gas Group (PVN) announced that it has completed its annual production target for this year.

The group said its total output from the exploitation of oil fields athome and abroad reached 16.21 million tonnes of crude oil and 9.5billion cu.m of gas by December 9.

These accomplishments indicate that PVN achieved its annual targets 22 days before the end of this year.

By the year-end, PVN expected to add 1 million tonnes of crude oil and500 million cu.m of gas to its total output from exploitation in theseoil fields.

The group also completed its plan to seek andexplore new oil fields with a total estimated output of 48 milliontonnes of crude oil.

According to the General StatisticsOffice, Vietnam gained a year-on-year increase of 3.2 percent in theexport value of crude oil, reaching 6.86 billion USD, as well as anincrease in the import value of petrol by 13.9 percent, attaining 7.2billion USD, against the same period last year.

The financeministry last week increased the maximum preferential import duty on oiland petrol by 10 to 15 percent to touch 40 percent due to a sharp dropin oil prices in the global market. Vietnam is a crude oil exporterthat recorded an export volume of 1.3 million tonnes last year.

The oil price in the global market has dropped sharply from 105 USDper barrel in late July to 68.53 USD late last month, the lowest in thepast four to five years.-VNA