Impressive growth of the oil and gas industry

By the end of 2024, Petrovietnam and its member units will complete their financial targets, finishing 3-7 months ahead of schedule, exceeding the assigned plan by 34% to 3.1 times and growing strongly compared to 2023.

Petrovietnam 's offshore oil rig.

Chairman of the Board of Directors of Binh Son Refining and Petrochemical Joint Stock Company ( BSR ) Bui Ngoc Duong said that at the end of the year, the company's output of all kinds of gasoline and oil reached 6.6 million tons, exceeding the plan by 15%; revenue was more than 124,700 billion VND; budget payment was more than 13,000 billion VND, exceeding the plan. Up to now, the unit has also achieved more than 49.3 million safe working hours, with no occupational accidents resulting in lost workdays.

“BSR has implemented 217 innovative solutions, bringing in 340 million USD in revenue; successfully completed the task of producing and selling more than 40,000 m3 of special fuels including Jet A1-K gasoline, DO-L62 oil and A83 gasoline. This is a proud number in the context of slow recovery of the world economy , complicated oil market and high inflation.

In 2025, BSR strives to achieve an output of more than 6.68 million tons of various products, total revenue of more than VND 114,000 billion, budget contribution of more than VND 13,000 billion and after-tax profit of more than VND 750 billion," Mr. Bui Ngoc Duong emphasized.

PetroVietnam Exploration and Production Corporation (PVEP) has optimized costs and product prices, effectively implemented solutions to improve production and business management.

PVEP Deputy General Director Hoang Ngoc Trung said that the unit's total revenue in 2024 reached more than VND 36,600 billion, exceeding 33%; budget payment was VND 14,900 billion, of which tax payment for PVEP was VND 10,067 billion, exceeding 45% of the plan.

In the coming time, the unit will continue to implement solutions to increase oil and gas reserves and production as well as develop new projects, improve capacity and operational efficiency... to complete the set goals.

According to Petrovietnam General Director Le Ngoc Son, last year, the Group completed all key targets in all areas of operation such as petroleum, electricity, and fertilizer production; ensuring security and production safety in all units was smooth.

Specifically, all production targets were completed and exceeded the annual plan by 6-24%, reaching the target from 22 days to 2 months and 21 days ahead of schedule. Notably, the domestic crude oil exploitation target completed the yearly plan 2 months and 3 days ahead of schedule. Compared to 2023, there were 4 key production targets that increased, including urea production increasing by 4.6%; electricity production increasing by 25.8%; gasoline production increasing by 6.7% and NPK production increasing by 19.5%.

For the first time in 10 years, Petrovietnam has 3 new oil and gas discoveries in one year. Petrovietnam has always been a pioneer in the offshore energy industry, participating in the global energy chain, opening up new development space in accordance with the Party and State's policies and strategic orientation for the development of Vietnam's oil and gas industry to 2025, with a vision to 2035, when it first exported offshore energy service industrial products, marking a new step forward for the traditional and renewable energy sectors.

“2024 is the third consecutive year that Petrovietnam breaks the total revenue record of the entire Group when it exceeds the 1,000 billion VND mark, exceeding the annual plan by 36%, an increase of 6% compared to 2023, a growth of 36% compared to the period before the Covid-19 pandemic and equivalent to about 9% of the country's total GDP; budget contribution of 165,000 billion VND (equivalent to nearly 9% of the total national budget revenue), exceeding the annual plan by 75%, an increase of 52% compared to 2019; pre-tax profit reaching 54,000 billion VND, exceeding the annual plan by 2.4 times (maintaining continuously more than 2.2 billion USD/year)”, Mr. Le Ngoc Son affirmed.

The excellent completion of the 2024 tasks has contributed to helping the Group complete the 5-year production and business plan (2021-2025 period) ahead of schedule by 6-32%. In particular, after 4 years, Petrovietnam's total revenue reached more than 3.5 million billion VND, an increase of 16.7%/year; total budget payment was more than 599,000 billion VND, an increase of 21.2%/year; consolidated profit before tax was more than 238,000 billion VND, an increase of more than 44.3%/year,...

Chairman of the Board of Members of Petrovietnam Le Manh Hung affirmed: With the motto for 2025 being "Innovation from the core, developing outstanding models, integrating into the global chain, enhancing energy knowledge, making a breakthrough in growth, creating a sustainable green shift", based on the results and records set in recent years, this will be an important and solid foundation for Petrovietnam to continue to accelerate, develop, and accompany the country.

Source: https://nhandan.vn/tang-truong-an-tuong-cua-nganh-dau-khi-post858672.html