PetroVietnam continues showing strong performance despite difficulties

Of the total, domestic production fetched 4.16 million tonnes, 1.6% higher than the target, while its exploitation abroad was 0.63 million tonnes, exceeding the target by 2.3%.

Alongside crude exploitation, all major business and production indications of the firm also surpassed the targets. Specifically, gas production was 3.55 billion cubic metres, 4.7% higher than target and equivalent to 37% of the yearly plan. In four months, the group produced 7.73 billion kWh of power, 549,000 tonnes of nitrogen, and 2.32 million tonnes of petrol.

Total revenue of PetroVietnam in the first four months of this year was VND177.1 trillion (US$7.79 billion), up 12% year on year. The firm paid VND31.5 trillion (US$1.38 billion) to the State budget, a rise of 17% over the same period last year. Its profit after tax hit VND7.6 trillion (US$334.4 million), surpassing the target by 22%.

Particularly, after three years of halting, the group’s Dinh Vu polyester manufacturing plant resumed its operation with three production chains on April 20. As of April 30, the plant produced 46.7 tonnes of fibre with high quality. In May, it is expected to produce 200 tonnes of fibre.

According to PetroVietnam, in 2018, the group has continued facing many difficulties as the crude oil prices remain low, while reduction is forecast in output of major oil wells in 2018, which will seriously affect the completion of domestic output targets.

Meanwhile, unforeseeable and complicated developments in the situation in the East Sea are impacting PetroVietnam’s exploration and exploitation activities as well as the attraction of foreign investment in the field.

At the same time, the competition on the market of oil and gas services has grown fiercer, posing challenges to PetroVietnam’s services companies. 

To cope with the difficulties, the PetroVietnam has undertaken a number of measures to fulfil set targets of this year.

As of April 2018, all units of the firm have managed to maintain normal operation with all production indication exceeding the goals by 2%-18%.