Despite difficulties in the first five months of this year, the Vietnam Oil and Gas Group (PetroVietnam) managed to increase its production, contributing to ensuring national energy security.
At a recent meeting, PetroVietnam General Director Le Manh Hung noted that the Russia-Ukraine conflicts have exceeded 100 days, causing a disruption in supply chains and pushing up the prices of energy and foods, as well as transportation, materials and equipment, affecting PetroVietnam’s operation.
Meanwhile, the reserve of all old oil wells are falling, while the majority of newly-exploited wells are small in scale.
However, with great efforts in maintaining and increasing its production, the firm’s May crude oil exploitation reached 0.92 million tonnes, exceeding its target for the month by 18%. The result pushed the production in the first five months of this year to 4.55 million tonnes, surpassing the plan by 22% and completing 52% of its yearly goal.
The production and supply of other products such as gas, electricity and nitrogen were also high, meeting the market’s demand. Petroleum production (excluding the output of Nghi Son Refinery Plant) hit 578,900 tonnes in May and 2.79 million tonnes in the first five months, exceeding the target for the month by 6%, equivalent to 45% of the yearly target. Nitrogen production reached 150,200 tonnes in May and 776,400 tonnes in the first five months, he noted.
Hung underlined that thanks to stable business and production operation, the firm enjoyed positive financial results.
In the first five months of 2022, PetroVietnam’s revenue was estimated at VND372.2 trillion (US$16 billion), exceeding the set target by 63% and fulfilling 67% of the yearly plan, representing a rise of 58% year on year. It paid VND52.8 trillion to the State budget in the period, he added.
Along with speeding up the implementation of major projects, including the Thai Binh 2 thermal power plant which was put into operation on May 12, PetroVietnam also strengthened international cooperation activities in oil and gas activities as well as energy transition and digital transformation, said Hung.