The results in 2023 will be the basis for PetroVietnam to continue to strive and nurture the goal of building and developing to become the leading Energy Industrial Group of the country and region, in accordance with new development trends. with new motivations, new opportunities.
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| PetroVietnam achieved many important targets and operated effectively during a harsh period. (Source: PVN) |
With its role and position as the country's leading economic group, contributing to ensuring national energy security, PetroVietnam constantly strives and deploys solutions to successfully complete assigned tasks in 2023 to realize Realize growth aspirations.
Facing headwinds
The year 2023 continues to face lasting difficulties from the epidemic period, and there are also many "headwinds".
Among them, there are two very prominent "headwinds" that have a strong impact on the macroeconomy. Firstly, the slow growth rate of the world economy and major economies leads to fragmentation and has a huge impact on global demand.
Second is inflation and interest rates. For Vietnam, this is a big "headwind" because Vietnam tries to maintain low inflation below 4% and low interest rates like today, this is going against the grain. with the world when currently economies around the world are using high interest rates to control inflation.
Meanwhile, not only the Vietnam National Oil and Gas Group (PetroVietnam) but also the oil and gas industry and the energy sector in general face great difficulties, which are trends in energy transition and instability in the energy sector. supply, demand, price. Prices of energy products decreased sharply compared to 2022, in which crude oil prices decreased by 17-38%, fertilizer prices decreased by 25-30%, and petrochemical refining profit margins decreased by 24-26%.
In particular, the global supply chain faces many difficulties due to conflicts and embargoes around the world, which have greatly affected all aspects of PetroVietnam's operations. Including the field of oil and gas search, exploration and exploitation - PetroVietnam's core field when the implementation of drilling programs is affected by lack of input supply.
Faced with that situation, right from the beginning of the year, the Group's leaders and directly General Director Le Manh Hung worked with each unit and each block to build production and business plans for 2023 and develop solutions. management, technical solutions, increasing production, promoting business, limiting the impact of adverse factors; Focus on maintaining volatility management, cost management, researching market fluctuation trends to deploy appropriate exploitation activities, especially taking advantage of opportunities to increase cash flow and profits at times of low prices. Favorable oil…
Through monthly CEO briefings, PetroVietnam General Director Le Manh Hung has always noted the Group's general work program for 2023, which is "Volatility management; Scale expansion; Accelerate digital transformation; Paradigm shift; Improve productivity; Business Reinvention”. This is also the basis for the Group and its member units to carry out work and tasks in 2023 in a synchronous, thorough, effective and quality manner.
The special point in 2023 is that the Group and its units do not just stop at the goal of completing the assigned plan but have set a "more aspirational" goal with more difficult challenges, requiring more consensus. heart, join forces and efforts for the goal of growth next year being higher than the previous year, and next month higher than the previous month.
In recent times, the Government has always had close instructions with support from Central and local departments/ministries/sectors and especially solidarity, self-reliance, self-reliance, and high determination. of all employees and workers of the Group. Along with that, the Party Committee and the Board of Members agreed to promote the effectiveness and timely experience in managing changes of the Group's Executive Board, helping PetroVietnam complete and reach the target ahead of the whole year 2023 plan. in most important production and business indicators.
Efforts to strive for growth aspirations
Specifically, PetroVietnam comprehensively completed financial targets, finishing 1,5 - 5 months ahead of the assigned 2023 full-year plan. In particular, the Group's entire budget payment completed the year's plan 5 months ago (reaching VND 78,3 trillion on July 30, 7); Consolidated profit of the entire Group completed the yearly plan 2023 months ago (reaching VND 4 trillion by August 34,7, 31).
Total revenue of the entire Group completed the whole year plan 2 months, 20 days ahead (reaching 677,7 trillion VND on October 10, 10); Total consolidated revenue of the Group completed the whole year plan 2023 months, 2 days ahead (reaching VND 18 trillion on October 413,7, 12); Total revenue of the Group's parent company has completed the whole year plan 10 month and 2023 days ahead (reaching 1 trillion VND on November 15, 181,6); Profit before tax Parent company - Group completed the whole year plan 15 months ahead (reaching 11 trillion VND on August 2023, 4).
Important contributions to the completion of the Group's financial results are two outstanding areas: oil and gas search, exploration, exploitation, oil and gas processing, storage and distribution of oil and gas products.
Petrovietnam's oil and gas search, exploration and exploitation sector has had a great success in 2023 when completing the target of increasing oil and gas reserves for the whole year 1 month and 10 days in advance (reaching 12 million tons of oil equivalent/plan). whole year plan of 8-16 million tons of oil equivalent on November 20, 11). At the same time, Petrovietnam has made 2023 new oil and gas discoveries at Block 02-16 (Hapa Vang -2X well) and at PM1-CAA (Bunga Lavatera-3 well). This is a very encouraging result as for the first time in the past 1 years, the Group has had 5 new discoveries in a year.
Domestic oil exploitation output has completed the full year plan 1 month and 18 days ahead when reaching 7,52 million tons on November 12, 11. As of November 2023, domestic oil exploitation output reached 21 million tons, exceeding 11% of the yearly plan, making an important contribution to the Group completing its oil exploitation plan (domestic and foreign). water) for the whole year when it reached 7,71 million tons on November 2,5 - 9,29 month and 21 days earlier than the whole year plan.
In the manufacturing sector, Petrovietnam's petroleum production output (excluding Nghi Son) has completed the whole year plan 2 months and 25 days ahead (reaching 5,53 million tons on October 06, 10).
The Group's petroleum business output completed the full year plan 2 months ahead (reaching 9,06 million tons on October 30, 10. PVOIL completed the full year plan of 2023 million tons 3,3 months ahead; PVNDB It is expected to complete the whole year plan of 4 million tons 5,76 days before (December 20-10, 11), making an important contribution to maintaining petroleum supply.
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| Oil and gas project at Bir Seba field. As of the end of June 6, the project has exploited 2023 million barrels of oil and is expected to reach 48,14 million barrels in 50. (Source: PVN) |
From there, it is affirmed that PetroVietnam has well performed the tasks assigned by the Government, the Prime Minister, and the Ministry of Industry and Trade: "In all situations, do not let any breakage or lack of petroleum supply serve the task of economic development." economic and social". The achieved results have shown the effectiveness of PetroVietnam's management and operations as well as the efforts of contractors and units in implementing production and business activities.
General Director of PetroVietnam Le Manh Hung said that the early achievement of output and financial targets is a source of encouragement and encouragement for the spirit and responsibility of all officers, employees and workers of the steadfast Group. with the goal of growth, trying to emulate all targets, striving to complete the highest planned targets in 2023. On this occasion, the Group's leaders organized a celebration and rewarded , honoring and encouraging the Group's professional departments that have contributed to the early achievement of output and financial targets in 2023.
During the remaining period of 2023, PetroVietnam will be steadfast with the set goal of completing the assigned targets and tasks, striving for growth aspirations.
