PetroVietnam estimates 2010 revenue to exceed target

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Vietnam Oil & Gas Group, the state- owned oil producer, said full-year revenue may exceed its target by 22 percent to reach VND401.3 trillion (US$21 billion) because of higher global oil prices.

The average price of crude oil in the international market was $81 a barrel so far this year, compared with $54 a year earlier, the company known as PetroVietnam said in an e-mailed statement Wednesday. The Hanoi-based oil producer had targeted revenue of VND329 trillion for 2010.

Revenue rose 84 percent from a year earlier in the January- to-May period to 175.8 trillion dong, according to the statement. PetroVietnam expects output of crude and condensate to reach 23.58 million metric tons this year, 2.5 percent higher than the full-year target, according to the statement.

Crude production may be 15 million tons and condensate output 8.58 million tons, PetroVietnam said.

US oil futures averaged $78.69 a barrel so far in 2010, compared with $49.12 a year earlier. Crude in New York was at $72.10 a barrel in electronic trade as of 1:39 p.m. Singapore time.

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