PetroVietnam enjoys fruitful operation outcomes in five months
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.
Hanoi (VNA) –Despite difficulties in the first five months of this year, the Vietnam Oil and Gas Group (PetroVietnam) managed to increase itsproduction, contributing to ensuring national energy security.
At a recent meeting, PetroVietnam GeneralDirector Le Manh Hung noted that the Russia-Ukraine conflicts have exceeded 100days, causing a disruption in supply chains and pushing up the prices of energy andfoods, as well as transportation, materials and equipment, affecting PetroVietnam’soperation.
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 maintainingand increasing its production, the firm’s May crude oil exploitationreached 0.92 million tonnes, exceeding its target for the month by 18 percent.The result pushed the production in the first five months of this year to 4.55million tonnes, surpassing the plan by 22 percent and completing 52 percent of itsyearly goal.
The production and supply of other productssuch as gas, electricity and nitrogen were also high, meeting themarket’s demand. Petroleum production (excluding the output of Nghi SonRefinery Plant) hit 578,900 tonnes in May and 2.79 million tonnes in the first fivemonths, exceeding the target for the month by 6 percent, equivalent to 45percent of the yearly target. Nitrogen production reached 150,200 tonnes in Mayand 776,400 tonnes in the first five months, he noted.
Hung underlined that thanks to stablebusiness and production operation, the firm enjoyed positive financialresults.
In the first five months of 2022,PetroVietnam’s revenue was estimated at 372.2 trillion VND (16 billion USD),exceeding the set target by 63 percent and fulfilling 67 percent of the yearlyplan, representing a rise of 58 percent year on year. It paid 52.8 trillion VNDto the State budget in the period, he added.
Along with speeding up the implementationof major projects, including the Thai Binh 2 thermal power plant which was putinto operation on May 12, PetroVietnam also strengthened internationalcooperation activities in oil and gas activities as well as energy transitionand digital transformation, said Hung./.
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Illustrative image (Source: VNA) 
