PVN sustains locomotive role of Vietnamese economy

Important targets reaching deadlines ahead of schedule

In 2023, PVN General Director Le Manh Hung has directly worked with member units, and reminded the Group's general work program in 2023 as “Volatility management, scale expansion, digital transformation acceleration, model shifting, productivity improvement, business regeneration.” This is also the basis for the Group and its member units to deploy work and tasks in 2023 in a synchronous, thorough, and effective manner.

Oil and gas exploitation on Bach Ho field

Specifically, Petrovietnam comprehensively completed financial targets and achieved the assigned full year targets from 1.5 to 5 months ahead of schedule, in which the Group's submission to the State budget was completed five months ahead of schedule at VND78.3 trillion on July 30, 2023; the consolidated profit of the whole Group was completed four months ahead of schedule at VND34.7 trillion on August 31, 2023; the total revenue of the whole Group was also completed two months and 20 days ahead of schedule at VND677.7 trillion on October 10, 2023.

Outstanding marks

Petrovietnam also made outstanding marks in 2023, such as fulfilling the year’s target for increasing oil and gas reserves (12 million tonnes of oil equivalent on November 20, 2023); and making two new oil and gas discoveries at the blocks 16-2 (Ha Ma Vang -1X well) and PM3-CAA (Bunga Lavatera-1 well).

The Group has completed the whole year’s domestic oil production target ahead of schedule with 7.52 million tonnes on 12th November 2023, contributing significantly to the Group completion of oil exploitation plan, both domestically and internationally with 9.29 million tonnes on November 21, 2023.

Meanwhile, PVN has completed the year’s plan for petroleum production ahead of schedule with 5.53 million tonnes on October 6, 2023.

As for petroleum business output, the Group's also completed the year’s plan with 9.06 million tonnes on October 30, 2023.

The Maran Gas Achilles vessel enters the Thi Vai LNG Terminal, marking the first and most important event in the green energy transition roadmap of Petrovietnam

In 2023, PVN also marked numerous significant milestones such as the signing and implementation of the Lot B – O Mon Project with partners, marking a significant step in the nearly 20-year-long gas power project chain.

In addition, at the end of October 2023, the LNG Thi Vai terminal with a capacity of one million tonne a year was inaugurated. It is Vietnam’s first and largest LNG port, marking a breakthrough for PVN’s product diversification strategy.

Previously, Nhon Trach 3 Power Plant achieved a new milestone by completing the installation of power generators and gas turbines, a significant premise to ensure the commercial operation date (COD) in Quarter 4/2024 and Quarter 2/2025 for Nhon Trach 4 Power Plant.

Furthermore, the high-quality oil and gas service sector also made an impact as PTSC – Petrovietnam’s major service unit – became the first and only investor in Vietnam to be granted a permit by the Ministry of Natural Resources and Environment to conduct marine resource monitoring, investigation, survey, and evaluation activities for offshore wind power projects.

With such contributions, it can be affirmed that PVN has made positive contributions to Vietnam’s economic growth, socioeconomic development as well as international economic integration.