PetroVietnam set many new records after 62 years of oil and gas industry history

On January 8, Vietnam Oil and Gas Group (PetroVietnam) held a conference to summarize 1 and deploy tasks for 2023. Awarding decisions to the Secretary of the Party Committee and Chairman of the Group's Member Council; Comrade Pham Minh Chinh, Politburo member, Prime Minister attended and delivered a speech to direct the conference.

Speaking at the Conference, Prime Minister Pham Minh Chinh evaluated PetroVietnam's positive contribution to the country's overall achievements. (Source: PVN)

Also attending the Conference were comrade Nguyen Hoang Anh, Member of the Party Central Committee, Chairman of the Committee for Management of State Capital at Enterprises; Comrade Tran Sy Thanh, Member of the Party Central Committee, Deputy Secretary of the Party Committee, Chairman of Hanoi People's Committee, former Chairman of the Board of Directors of PetroVietnam; Comrade Nguyen Long Hai, Alternate Member of the Party Central Committee, Secretary of the Party Committee of the Central Business Sector; together with representatives of Central Boards, Ministries, branches and partner businesses.

On PetroVietnam's side were comrade Le Manh Hung, Member of the Standing Committee of the Party Committee of the Central Enterprise Sector, Secretary of the Party Committee, Chairman of the Board of Members, General Director of the Group; Members of the Standing Committee of the Party Committee, Members of the Board of Members, Deputy General Directors, and former leaders of the Group; leaders of DKVN Trade Union, Youth Union, Group CCB Association, Vietnam Petroleum Association and Party Committee Boards/Offices, Group Boards/Offices and member units.

Continue to set new record levels

Reporting at the Conference, Mr. Le Manh Hung said that the search, exploration and exploitation of oil and gas continued to successfully and effectively implement technical solutions, thereby completing the plan to increase reserves. , there are new oil and gas discoveries, minimizing the oil and gas production decline coefficient of each block/field. Increasing oil and gas reserves completed the whole year plan 1 month and 10 days before; in 2023 will reach 13,0 million tons, exceeding 8,3% of the year's plan. There are 2 new oil and gas discoveries at Block 16-2 and at Block PM3-CAA. This is an important result because since 2018, the Group has only had 2 new oil and gas discoveries in 1 year.

Oil exploitation output completed the whole year plan 1 month and 9 days ahead, in 2023 reaching 10,41 million tons, exceeding 12,1% of the year plan, demonstrating the Group's great efforts in effectively applying Technical solutions to maintain and stabilize oil production output in the context of most blocks/fields currently experiencing natural decline in output. Gas exploitation output reached 7,47 billion m3, exceeding 25,7% of the plan assigned by the Committee, equal to 92% of PetroVietnam's exploitation capacity. The system of pipelines and gas processing plants is operated safely, providing maximum supply according to the needs of consumers; Dry gas output in 2023 will reach 7,18 billion m3, exceeding the yearly plan by 23,2%.

Oil and Gas workers at domestic and foreign bridges attended the Conference. (Source: PVN)

The Group has seriously implemented the Government's direction "Absolutely do not let electricity shortages occur as well as pay attention to specific solutions to overcome difficulties in electricity supply". PetroVietnam has mobilized all resources, accelerating the investment progress to put into safe operation and high capacity of Thai Binh 2 Power Plant right at the time when the country's electricity load demand is increasing (late April to June 4). The Group's total electricity output in 6 will reach 2023 billion kWh, an increase of 2023% compared to 23,07.

Apply optimal management technology solutions, improve capacity and operational efficiency of factories, take advantage of opportunities, expand markets both domestically and internationally, and increase business market share gasoline in the country, performing well the tasks assigned by the Government and the Prime Minister, which is: "In all situations, do not let there be any breakage, do not let there be a shortage of petroleum supply to serve the task of economic development - society", creating a new record in terms of operating capacity of petrochemical refineries, fertilizer production plants, production output, and sales and revenue.

Regarding financial indicators, thanks to good implementation of fluctuation management, improving capacity and performance of factories, expanding markets, especially international markets, all indicators are met. Petrovietnam's finances completed the full year plan 2 to 5 months ahead, continuing to set a new record in revenue after 62 years of history in Vietnam's Oil and Gas industry.

Total revenue of the entire Group reached 942,8 trillion VND, exceeding 39% of the year plan, 11,6 trillion VND higher than the 2022 record set by the Group (931,2 trillion VND), equivalent to 9,2% of the country's GDP. The Group's entire State budget contribution reached 151,8 trillion VND, exceeding 94% of the yearly plan, accounting for about 9,4% of total State budget revenue in 2023. Consolidated pre-tax profit of the Group completed the plan whole year 4 months ahead; by 2023, it will reach 54,5 trillion VND, exceeding 57,0% of the year's plan. Maximize efficiency and optimize costs, and savings practices across the Group in 2023 will reach VND 3.072 billion, exceeding 37% of the plan.

The above results confirm that PetroVietnam has accumulated enough resources and experience to participate in investment and business in the field of industry - renewable energy domestically and internationally, especially offshore wind power.

Contribute to the state budget as high as possible

2024 is a pivotal year, with important meaning to complete the goals of the 5-2021 2025-year plan. We are determined to face many more difficulties, the world and market situation becomes more complicated, more difficult to forecast, creating great pressure on the Group's management and operations, but PetroVietnam has built and set goals with higher determination to implement and higher pressure than the 2023 plan, ensuring the goal of continuous growth and sustainable development. Increasing oil and gas reserves of the entire Group to reach 12-18 million tons of oil equivalent, 2-4 million tons of oil equivalent higher than the 2023 plan (8-16 million tons of oil equivalent); Oil exploitation reaches 8,20 -8,98 million tons, striving to reach the equivalent of Plan 2023 (9,29 million tons); Gas exploitation reaches 5,10-7,50 billion m3, striving to achieve over 7,50 billion m3 if the power industry mobilizes gas to the maximum.

Nitrogen production reached 1,74 million tons, 140 thousand tons higher than the 2023 plan (1,60 million tons). Electricity production reached 27,78 billion kWh, 3,78 billion kWh higher than the 2023 plan (24 billion kWh). Petroleum production (excluding Nghi Son) reached 5,79 million tons, 266 thousand tons higher than the 2023 plan (5,52 million tons). Total revenue of the Group reached 734,2 trillion VND, 56,5 trillion VND higher than the 2023 plan (677,7 trillion VND);

The Group's entire state budget contribution reached 94 trillion VND, 15,6 trillion VND higher than the 2023 plan (78,3 trillion VND) in accordance with the Government's direction of "contributing to the state budget as high as possible" . The Group's consolidated pre-tax profit reached 22,0 trillion VND.

Prime Minister Pham Minh Chinh handed over the decision to the Chairman of the Board of Directors of Vietnam Oil and Gas Group. (Source: PVN)

To successfully implement the tasks and targets of the 2024 plan, PetroVietnam determined that it is necessary to implement 6 key groups of solutions, which are groups of solutions on mechanisms and policies; corporate governance and management; finance; invest; market and science and technology, training, safety, environment and sustainable development.

Giving the Decision to comrade Le Manh Hung and speaking at the Conference, Prime Minister Pham Minh Chinh emphasized the importance of selecting "right and successful" officials on the basis of compliance with regulations of the Party, State, and Government. ensure democracy, openness and transparency.

The Prime Minister believes that the new Secretary of the Party Committee and Chairman of the Board of Members Le Manh Hung, with many years of experience working at the Group, will promote the industry's traditions, lead the Group to develop quickly and sustainably, and contribute to the growth of the Group. into the cause of industrialization and modernization of the country, building and protecting the Fatherland.

The Prime Minister requested the leadership and staff of Vietnam Oil and Gas Group and related agencies to continue promoting the spirit of solidarity and close coordination, together with comrade Le Manh Hung to successfully complete the tasks. assigned.

Basically agreeing with the reports and opinions at the Conference, the Prime Minister assessed the overall success with quite comprehensive results for the whole country in 2023, with the important and positive contributions of the Petroleum Group. Vietnam, especially in terms of budget revenue, ensuring security, has a large balance of energy and petroleum both in the immediate and long term, contributing to stabilizing the macro economy, promoting growth, and ensuring balances. large, firmly protecting independence, sovereignty, unity and territorial integrity, promoting foreign affairs and integration...

The Prime Minister also praised the Group for making many efforts and achieving results in developing the renewable energy industry (producing wind turbines at sea) and in handling long-term projects. Along with that, the Group promotes prevention and combat of corruption, negativity and waste.

New spirit, new determination, new motivation

Analyzing PetroVietnam's achievements, Prime Minister Pham Minh Chinh said that the important reason for the achieved results is promoting the spirit of solidarity and unity; closely follow and strictly comply with the leadership and management of the Party and State, the management and administration of the Government and the Prime Minister; the efforts of the Group's staff and employees; coordination and support from all levels, sectors and localities. These are also valuable lessons learned.

However, the Prime Minister clearly stated that we should not be intoxicated or satisfied with the results achieved, nor be subjective or negligent because there is still a lot of work to be done, many outstanding problems, and many difficulties and challenges that need to be resolved. decide; continue to promote innovation and application of science and technology; Make more efforts to complete assigned tasks.

Regarding guiding viewpoints, the Prime Minister emphasized the need to continue to innovate thinking and strategic vision, mobilize synergy in implementing tasks, with the view that resources originate from thinking and motivation. Originating from innovation, strength originates from the people; maintain and promote solidarity, discipline, and responsibility; Focus on and strengthen investment, research and development (R&D) to take advantage of new opportunities and have new products, especially in developing the renewable energy industry, digital transformation, and transformation. green change and sustainable development; Promote decentralization and decentralization of power along with allocation of implementation resources, improve enforcement capacity and strengthen inspection, supervision and urging; promote self-reliance, self-strength, self-improvement from one's own hands and brain, dare to think, dare to do, be proactive, timely, without waiting or relying.

Basically agreeing with the goals, tasks, and solutions that the Group has identified, the Prime Minister further suggested and emphasized key tasks and solutions.

First of all, it is necessary to thoroughly grasp, strictly and effectively implement the tasks according to the Resolutions and Conclusions of the Party, the National Assembly, the Government and the Prime Minister in implementing the socio-economic development tasks of the year. 2024, concretized in the plans of the Group as well as each unit to organize implementation, inspection and supervision.

The Prime Minister emphasized the importance of Party building and building a team of officials with the view that human resource work is the key step and decides all issues, which must be carried out in accordance with the Party's regulations. , State law, transparency, objectivity, fairness, ensuring the selection of truly capable and trustworthy officials.

Continue to strengthen the apparatus, build a team of quality, streamlined staff, promote the spirit of solidarity and dare to think and do. In particular, it is necessary to soon consolidate the position of General Director of the Group.

In the group of solutions for smart governance, the Prime Minister requested to closely follow the domestic and international situation to manage fluctuations well, focusing on forecasting and assessing the space and growth drivers in economic fields. joint.

Promote decentralization and decentralization; perfecting the system of internal processes and regulations, making information public and transparent; Strengthen supervision, inspection, inspection and risk control.

Focus on innovation, apply modern management methods, make the most of the achievements that have been built and accumulated; promptly and sensitively to the current trend of global energy transformation and development to manage and develop the Group.

The group of financial and investment solutions needs to maintain a healthy financial structure, balance financial resources to meet the needs of production, business and development investment activities. Promote investment, research and development throughout the Group, proactively and promptly handle difficulties and problems and ensure progress and efficiency of key projects in the energy, oil and gas sectors, especially especially the Block B - O Mon gas and power project chain, Nhon Trach 3 and 4 Power Plant projects (completed at the end of 2024, early 2025), upgrading and expanding Dung Quat Oil Refinery, Fertilizer Gas and Power Plant. Ca Mau…; coordinate with foreign partners to remove difficulties, improve operational efficiency of Nghi Son Refinery and Petrochemical Plant, restart Long Phu 1 Thermal Power Project; Research new projects to create new products and enhance the oil and gas value chain.

Outstanding outstanding teams of PetroVietnam were honored at the Conference. (Source: PVN)

The Prime Minister also requested to deploy a group of solutions on science and technology, innovation and digital transformation, green transformation, promoting research activities, technology transfer, and digital applications in developing the oil and gas industry. . Accelerate the process of digital transformation connecting application systems on information technology platforms in accordance with new development trends such as digital economy, circular economy, green transformation...

The defense - security - foreign affairs solution group needs to proactively and actively coordinate closely with relevant agencies in implementing the Group's production, business and investment activities, especially in oil and gas exploration and exploitation; ensuring national defense, security, and economic security for oil and gas activities, steadfast in the principle of maintaining independence, sovereignty and national territorial integrity in the East Sea and islands.

Along with that, the Prime Minister requested to continue implementing solutions to ensure social security, ensuring material and spiritual life for workers, while promoting the role of responsibility and affection towards workers. community and society, contributing to building the brand and good image of PetroVietnam.

With the proposals, most of the Group's recommendations have been directed many times by the Government, Prime Minister and Deputy Prime Ministers and specific documents assigned to ministries and branches for consideration and handling. The Prime Minister requested the Government Office, Ministry of Industry and Trade, and the Committee for Management of State Capital at Enterprises to continue to synthesize, classify, and urgently handle the matter according to assigned functions, tasks, and powers, with Issues beyond authority shall be proposed to competent authorities for consideration and decision.

In particular, for the Block B Gas Power Project Chain, the Ministry of Industry and Trade urgently completes the amendment of Circulars regulating electricity market operations, and the State Capital Management Committee at enterprises directs to resolve the issue. Point out related issues.

In 2024, the Prime Minister believes in the tradition of creative labor, solidarity, bravery and intelligence of oil and gas workers forged in recent times; people looking for fire, with new leadership, new spirit, new determination, new motivation, the Petroleum Group will continue to develop, successfully implement the set goals, and achieve the results of the year. 2024 is higher than 2023.

On this occasion, the Conference rewarded and honored 41 outstanding collectives in 2023.