ANTD.VN - That is the comment of General Director of Vietnam Oil and Gas Group Le Manh Hung at the conference to review the work in 2023 and deploy tasks in 2024 of the Oil and Gas Exploration and Production Corporation (PVEP) recently held in Hanoi.
In 2023, in the context of many fluctuations/challenges in the world oil and gas market, PVEP focused on maintaining fluctuation management, cost management, promoting initiatives and inventions, focusing on exploitation operations with the goal of ensuring the management plan assigned by the Group, promoting investment activities for 2023 and the following years. As a result, in 2023, PVEP exceeded the main production and business targets. In particular, PVEP has ensured the maintenance of safe production and business activities for 15 consecutive years since its establishment. On that basis, by the end of November 2023, PVEP has successively achieved the assigned plan targets early. In particular, the target of increasing reserves reached the target 50 days early, the converted oil and gas production reached the target 41 days early, and the financial targets reached the target 104-227 days early.
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Conference overview. |
Specifically, the exploited output reached 3.66 million tons of oil equivalent (the whole project: 7.30 million tons of oil equivalent), exceeding 15% of the plan assigned by the Group and achieving 100% of the management target. Of which, the output of oil and condensate was 2.47 million tons (the whole project: 4.84 million tons), reaching 111% of the plan; exported gas reached 1.2 billion m3 (the whole project: 2.47 billion m3), reaching 124% of the plan assigned by the Group.
2023 is the 14th consecutive year that PVEP has completed the annual production plan assigned by Petrovietnam. On February 8, 2023, PVEP reached the production milestone of 1 billion barrels (since its establishment), Bir Seba Field (Blocks 433a & 413b) reached the milestone of 50 million barrels of oil in 2023, Blocks 01/97 & 02/97 reached the milestone of 10 million barrels of oil on November 22, 2023.
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Awarding emulation flags/certificates of merit to groups. |
PVEP's exploration/appraisal work has had impressive results when all 4 exploration wells were successful, with 3 new oil and gas discoveries; of which, some were put into production immediately, while others had high appraisal results, creating a basis for well development in the coming time; this is the first time in 7 years that the reserve compensation factor is greater than 1. In 2023, PVEP's reserve increase reached 3.72 million tons of oil equivalent, which is also the highest annual reserve increase of PVEP since 2016. It must be added that this result is a special achievement in the context of natural decline in output at exploited mines, while searching for and discovering new mines in the current context faces many challenges. The increased tons of oil in 2023 will be the "future" of traditional oil and gas in the coming time. This result also creates great encouragement for the exploration team at PVEP in particular and in Petrovietnam in general.
PVEP also actively implemented development work at key projects: such as Dai Hung Phase 3, Su Tu Trang Phase 2B, Block B project chain, Blue Whale, BRS phase 2 mine and MOM mine (Block 433a & 416b) and a number of other key projects.
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Petrovietnam General Director Le Manh Hung gave a speech at the conference. |
2023 is also a year of positive financial results for PVEP. In particular, the total revenue of PVEP is estimated at 41.5 trillion VND (total Project: 84.5 trillion VND), reaching 146% of the Group's plan and 122% of the management target. The State budget payment is 18.1 trillion VND, of which tax payment for PVEP is 12.3 trillion VND (total Project over 31 trillion VND), reaching 159% of the Group's plan and 107% of the management target, the host country's profit is 5,790 billion VND. PVEP's financial indicators are increasingly improved, maintaining financial policies for sustainable development, return on assets (ROA) >10%, profitability index (ROE) >15%, net profit index (ROS) >15%. In particular, in 2023, PVEP will be in the Top 10 most profitable enterprises in Vietnam in 2023. At the same time, for the 10th consecutive year, PVEP is ranked in the Top 10 largest tax-paying enterprises in Vietnam.
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Cuu Long JOC workers. |
Over the past year, PVEP has also actively implemented initiatives and inventions, applied techniques and technologies to operations and exploitation to ensure the maintenance of output as well as the general operations of the corporation and projects effectively. PVEP's initiatives and inventions have contributed 395 initiatives to the 1 Million Initiatives Program of the Vietnam General Confederation of Labor, with a total value of benefits estimated at 100 million USD. In addition, PVEP has successfully transformed and applied a salary management model associated with work efficiency, thereby improving labor productivity and the quality of PVEP's human resources.
On behalf of the leadership of the Vietnam National Oil and Gas Group, General Director Le Manh Hung congratulated the leadership, cadres, party members and employees of PVEP for successfully overcoming difficulties in 2023, achieving positive results, and making important contributions to the overall results of Petrovietnam.
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PVEP General Director Tran Hong Nam inspected the operations of the projects. |
General Director Le Manh Hung noted that in 2024, the world and domestic markets and economies will continue to face many difficulties and challenges, affecting the operations of PVEP in particular and Petrovietnam in general. General Director Le Manh Hung also said that PVEP needs to set more pressing targets than in 2023 to have growth momentum, contributing to the Group's growth target as well as contributing to the country's economic growth. To do that, the Group's General Director emphasized that PVEP needs to innovate its governance, as well as innovate old motivations, apply science and technology, and innovations to improve the efficiency and output of existing mines. In addition, PVEP needs to create new momentum by promoting the development of new projects, accelerating the progress of projects under technically permitted conditions; researching solutions to combine projects to have appropriate investment plans.
With the results achieved in 2023, Petrovietnam General Director requested that PVEP's leaders, officers and employees promote the spirit of innovation and creativity, immediately start implementing tasks in 2024 to achieve growth targets, accompanying the development of the Group.
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