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PetroVietnam Drilling profit rises 11% on rig operating rates
PetroVietnam Drilling & Well Services Joint Stock Co. (PVD), the country’s biggest listed oilfield-services provider, said first-half profit rose 11 percent as its oil rig operated at full capacity.
Net income climbed to VND564 billion (US$32 million) in the six months ended June 30, from VND508 billion a year earlier, Chief Executive Officer Do Van Khanh said in a telephone interview from Ho Chi Minh City Thursday.
“Our main rig operated stably and efficiently at its full capacity and that made the most significant contribution to the profit,” Khanh said. Sales rose to VND1.8 trillion from VND1.7 trillion, PetroVietnam Drilling said in a statement posted on its website.
Vietnam is hoping to reverse declining oil output. Thailand passed Vietnam last year as Southeast Asia’s third -biggest oil producer, after Indonesia and Malaysia, according to BP Plc.
Vietnam may be able to produce an average of about 400,000 barrels of oil a day until at least 2030, the US Energy Information Administration said in May. Its peak production level was 427,000 barrels a day in 2004, according to BP figures.
The oil and gas services provider, whose customers include ConocoPhillips and Petroliam Nasional Bhd., forecasts net income of VND800 billion this year should oil trade between $60 and $70 a barrel, Chief Financial Officer Ho Ngoc Yen Phuong said March 19.
Crude oil for September delivery fell as much as 36 US cents, or 0.6 percent, to $65.04 a barrel on the New York Mercantile Exchange. It fell 21 US cents, or 0.3 percent, on Wednesday to settle at $65.40, ending a five-day advance.
Prices have fallen 11 percent from an eight-month high of $73.38 reached on June 30.
thanhnien, bloomberg
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