Petrovietnam surpasses production and business targets for the first half of the year

At the Thái Bình 2 thermal power plant, the facility has met all conditions for commercial operation certification. — Photo courtesy of Petrovietnam

HÀ NỘI — PetroVietnam has continued to report positive business results in the first half of 2024, thanks to effective management amidst volatility, while investment disbursement increased by more than 80 per cent compared to 2023.

In terms of production, aside from the power production target (achieved at 95.9 per cent) due to objective factors, all other key production targets were exceeded by 2.7 – 33.1 per cent, up 1.4-21.8 per cent compared to the same period in 2023.

Specifically, the increase in reserves reached 4.38 million tonnes of oil equivalent. The Group made two new oil and gas discoveries (at Block 09-1, Rồng field and Block PM3-CAA, Bunga Aster field). This is a very encouraging result as, throughout the 2019 – 2023 period, only 2023 saw two oil and gas discoveries in a single year.

The operations in the petrochemical sector exceeded the six-month plan by 20-77 per cent and showed high growth compared to the same period in 2023. The Group’s total revenue for the first half of 2024 is estimated at VNĐ482.3 trillion, up 15 per cent compared to the same period in 2023. The total budget contribution of the Group is estimated at VNĐ71.1 trillion, up 9 per cent compared to the same period in 2023.

Investment activities have been prioritised by Petrovietnam in 2024. With support from the Government and the Prime Minister, the investment disbursement value in the first half of the year is estimated at VNĐ15.55 trillion, an increase of 81.3 per cent compared to 2023.

Digital transformation, ERP implementation, and cybersecurity across the Group have been actively and effectively implemented. The Group officially put the ERP system into operation in phase 1 and is currently continuing to build the Database system: E&P sector – Phase 1, Power and Renewable Energy sector; Gas, Petrochemical, and Oil Services sector; ERP Phase 3 construction.

In the first half of the year, the Group and its subsidiaries implemented social welfare programmes with a total budget of VNĐ456.4 billion. The Group’s anti-waste savings efforts have continued to be promoted, with an estimated saving of VNĐ1.2 trillion in the first half of 2024, achieving 53 per cent of the 2024 annual saving plan.

Lê Mạnh Hùng, Chairman of Petrovietnam, said that the Group will remain consistent with its governance and management objectives, continue to overcome difficulties and limitations and implement solutions to achieve set goals, laying the groundwork for the implementation of the five-year development plan and the Group’s restructuring plan.

Hùng requested further acceleration in completing proposed policies, resolving institutional and regulatory bottlenecks concerning LNG, domestic gas, tax rates and completing regulations following the guidance of the Petroleum Law to create momentum for project implementation. — VNS