Petrovietnam aims to 'operate a new project every month', maintaining growth momentum

In April and the first 4 months of 2025, in the context of many market challenges, Vietnam National Energy Industry Group (Petrovietnam) continued to maintain stable production and business, ensure the progress of key projects, set the goal of putting a new project into commercial operation each month, and at the same time expand market space, in order to complete the legal targets assigned by the Ministry of Finance.

Petrovietnam has proactively promoted the expansion of cooperation at home and abroad. In the photo, Petrovietnam Chairman of the Board of Directors Le Manh Hung exchanges cooperation documents with leaders of Zarubezhneft (Russia).

Ensuring operational efficiency amid growing challenges

The market situation in April 2025 was complicated due to geopolitical conflicts, US reciprocal tariffs, global PMI index falling below 50 points, affecting the global economy, oil prices fell sharply by about 25%, fluctuating around 65-67 USD/barrel. These fluctuations have directly affected Petrovietnam's production and business activities.

However, Petrovietnam still basically maintained production and business efficiency in April and the first 4 months of 2025. By the end of April, most of the Group's main production targets reached and exceeded the plan by 3.8-19.5%, some growth targets from 13-66% compared to the same period in the first 4 months of 2024, typically: Crude oil exploitation reached 3.16 million tons, exceeding the 4-month plan by 12.8%; other gas exploitation reached 1.98 billion m3, exceeding the plan by 10.4%; Electricity production reached 11.06 billion kWh, exceeding the plan by 9.9%; gasoline production (including output from NSRP) reached 5.39 million tons, exceeding the plan by 12.7%; NPK production reached 187.3 thousand tons, exceeding the plan by 19.5%.

Thereby, Petrovietnam ensures stable revenue growth and state budget contribution compared to the same period in 2024. In the first 4 months, Petrovietnam achieved 323.3 trillion VND in revenue and paid 45.6 trillion VND to the state budget. Investment growth in the first 4 months with investment value reaching 10.23 trillion VND, up 22.5% over the same period.

The WHP-DH01 rig, part of the Dai Hung Field Development Project Phase 3, officially produced its first commercial oil flow on May 7, 2025.

Notably, the Dai Hung Field Development Project Phase 3 was completed 20 days ahead of schedule, undertaken by 100% Vietnamese staff in the Petrovietnam ecosystem, making an important contribution to increasing output and supplying raw materials for electricity production during the current peak dry season, especially the Nhon Trach 3 and 4 gas-fired power plants that are preparing to come into operation. This is a meaningful project on the occasion of the 50th anniversary of the Group's founding.

Building on the results achieved in the first months of 2025, from the Dai Hung project phase 3, Petrovietnam aims to put a new project into commercial operation each month, from now until the end of the year, gradually realizing the sustainable development strategy in 2025, linking investment, production and market expansion.

The Group’s nitrogenous fertilizer production sector is also a bright spot, recording results exceeding the plan. The two nitrogenous fertilizer plants not only ensure domestic supply but also increase exports. Ca Mau Fertilizer (PVCFC) has just been granted a certificate by Australia recognizing it as meeting the highest standards for exports to this market, contributing to expanding international market share.

The Gas - Power Block operates continuously, safely and effectively. In particular, PetroVietnam Gas Corporation (PV GAS) proposed to be the focal point for importing LNG from the US, anticipating market shifts and ensuring medium- and long-term raw materials.

The Refining and Petrochemical Block focuses on inventory control, cost reduction, research and development of green product lines, and promotion of the block chain.

The Service Sector continues to be an important support, closely following the management plan, accelerating the progress of wind power projects, drilling services, and transportation. Production activities at construction sites/factories/drilling rigs are ensured to be safe and smooth, without any incidents; maintaining stable, safe, and continuous production and business activities during the long holidays and Tet, ensuring adequate supply of essential products for socio-economic development.

Ca Mau Fertilizer is recognized by Australia as meeting the highest standards for fertilizer export.

In addition to domestic production activities, the Group has also promoted the expansion of its scope through international cooperation: Signing the extension of the Petroleum Product Sharing Contract (PSC) at Block PM3 CAA for another 20 years with Petronas; Signing a Cooperation Agreement with the Kazakhstan National Oil and Gas Company in the field of oil and gas exploration and the energy sector in this country;...

Along with that, Petrovietnam has proactively expanded domestic cooperation with leading corporations and enterprises in the state and private sectors (Viettel, Vinachem, ACV, TKV, Hoa Phat...) under the direction of the Prime Minister and Resolution 68 on private economic development recently issued, thereby affirming the Group's role as a pioneering leading enterprise.

Key solution: Proactively follow the market, accelerate investment

In the context of the increasingly unpredictable world market due to geopolitical conflicts, fluctuations in raw material prices and trade protection policies, reciprocal taxes of the US..., Petrovietnam General Director Le Ngoc Son emphasized: "The pressure of the plan for May and the second quarter of 2025 is very large, requiring units to proactively manage fluctuations in the face of market developments, find new driving forces, synchronously deploy solutions from production, investment, market to digital transformation, and complete the targets assigned by the Ministry of Finance."

Petrovietnam General Director Le Ngoc Son directed the Group and its member units to focus on promoting digital transformation.

In the coming time, Petrovietnam plans to increase operational efficiency at factories, optimize assets, reduce costs, increase output and expand markets. To increase revenue, the Group will increase output and expand external services, new services in the commercial sector, especially at PV GAS, PVOIL, BSR, develop management plans, ensure revenue and profit.

To meet the country's energy needs, Petrovietnam power plants will coordinate with A0, ready to supply electricity for the current and upcoming peak seasons, ensuring gas and coal sources, controlling heat loss, optimizing costs and cash flow.

Nhon Trach 3 Plant, the first LNG power plant in Vietnam, is completing preparations to be ready for operation in the near future.

The Group aims to speed up the progress of key projects such as Lot B, Blue Whale, BK-24, Kinh Ngu Trang, Nhon Trach 3 and 4... striving to complete them ahead of schedule, while at the same time implementing a savings plan and fighting waste.

In addition, Petrovietnam continues to expand its market through reviewing cooperation with corporations, state-owned and private sector corporations, in order to implement Resolution 68 and the Government's directives, to expand space, increase revenue and profit.

The Group continues to promote digital transformation, seriously implement the ERP project, and perfect the database to serve modern management work.

Source: https://baoquocte.vn/petrovietnam-dat-muc-tieu-moi-thang-van-hanh-mot-cong-trinh-moi-duy-tri-da-tang-truong-315501.html