Petrovietnam sets new records in Vietnam’s oil and gas sector

(VOVWORLD) - By November, the Vietnam Oil and Gas Group (Petrovietnam) had fulfilled all its financial and production targets set for 2022, setting new records in the sector, announced Petrovietnam General Director Le Manh Hung at the group’s regular meeting for December on Friday. 
Petrovietnam sets new records in Vietnam’s oil and gas sector  - ảnh 1Petrovietnam General Director Le Manh Hung chairs the group’s monthly meeting for December, 2022. 

Petrovietnam’s achievements were impressive given shrinking production around the world including in Vietnam. 

The global Purchasing Managers Index (PMI) dropped from 49.4 points in October to 48.8 points in November and had been below the 50 point mark for 3 consecutive months, according to JP Morgan. Oil demand fell sharply in November due to stringent COVID-19 measures in China, economic recession, interest rate hikes, a stronger dollar, and the EU’s decision to set a price cap on Russian oil at 60 USD per barrel. 

Petrovietnam’s progress was attributed to the group’s effective fluctuation management, good forecasting, and flexible policies. 

Petrovietnam sets new records in Vietnam’s oil and gas sector  - ảnh 2

RC-10 platform is one of the 5 new projects put into operation in 2022.

By November 16, Petrovietnam had put 5 new oil fields/projects into operation, one project more than planned for this year. All these fields/projects became operational ahead of schedule. 

The group had pumped 8.74 million tonnes of crude oil as of October 20, fulfilling its 2022 production plan 2 months and 11 days ahead of schedule.  Gas, electricity, fertilizer, and fuel outputs also rose over 2021. 

Petrovietnam earned a total revenue of 854 trillion VND (35.6 billion USD) in the past 11 months, meeting its yearly target 4 months ahead of schedule and setting a new record high. 

The group also fulfilled its state budget contribution target 6 months ahead of schedule. In the past 11 months, Petrovietnam contributed 6 billion USD to the state budget. 

Petrovietnam sets new records in Vietnam’s oil and gas sector  - ảnh 3Petrovietnam is one of the winners of the 2022 State Awards.

The group was honored with the HCM Prize for 3 science-technology projects and with the State Awards for another 3 projects. 

In the past 11 months, it allocated 14.5 million USD for social security programs. 

General Director Le Manh Hung urged greater efforts to accomplish 2023 missions particularly as the revised Petroleum Law has been passed by the National Assembly, fully institutionalizing the Party’s and State’s major orientations on the development of Vietnam’s oils and gas sector, sustainable marine economy development, and national energy development.

It’s crucial to enhance R&D to master offshore renewable energy technology, he said.