Petrovietnam exceeded the plan for the first 6 months of the year

Key production targets exceeded plan

On July 14, in Hanoi , Petrovietnam held a conference to review the work of the first 6 months of the year and deploy tasks for the last 6 months of 2024.

With the motto of action for 2024 being "Managing fluctuations, adding new motivation, renewing old motivation, creating new energy sources, reaching new heights", Petrovietnam sets the target of increasing growth next year compared to the previous year, and increasing growth next month compared to the previous month, proactively balancing and building monthly and quarterly planning targets in 2024.

Petrovietnam has closely followed market developments: finance, energy products, especially fluctuations in crude oil and processed products prices including oil refining, petrochemicals, fertilizers to have integrated management and operation solutions from exploitation to transportation, processing; from inventory to production and business organization,...

Petrovietnam has focused on leading and directing the synchronous, scientific and flexible implementation of key solution groups. As a result, the production and business performance of the entire Group in the first 6 months of 2024 has basically fulfilled the planned targets and tasks, maintained stability in all areas of operation... and achieved positive results.

Specifically, the increase in reserves in the first 6 months of 2024 reached 4.38 million tons of oil equivalent. The Group has 02 new oil and gas discoveries (at Block 09-1, Rong field and Block PM3-CAA, Bunga Aster field).

Regarding production, except for the electricity production target (reaching 95.9%) due to objective factors, all remaining key production targets exceeded the 6-month plan by 2.7 - 33.1%, an increase of 1.4 - 21.8% over the same period in 2023.

In financial activities, Petrovietnam continues to perform well in governance, therefore, most financial indicators exceeded the plan, all exceeded the 6-month plan by 20-77% and grew highly compared to the same period in 2023.

Total revenue of the Group in the first 6 months of 2024 is estimated at 482.3 trillion VND, an increase of 15% over the same period in 2023. Budget contribution of the Group is estimated at 71.1 trillion VND, an increase of 9% over the same period in 2023.

Investment work is prioritized by Petrovietnam to be promoted in 2024. With support from the Government, the Prime Minister and Ministries/sectors, the "bottlenecks and bottlenecks" in investment in the Group's key projects have been gradually reviewed and resolved. The value of investment disbursement in the first 6 months of the year is estimated at 15.55 trillion VND, an increase of 81.3% compared to 2023.

Regarding business innovation and restructuring, Petrovietnam identifies this as a key task that needs to be organized methodically, urgently and decisively, ensuring that it is consistent with the Group's operational practices and development trends in the new period.

Digital transformation, ERP implementation and network security throughout the Group are focused on active and effective implementation. The parent company - Group has officially put into operation the ERP system phase 1.

Security, oil and gas safety, environmental safety, labor safety, and fire and explosion prevention work on oil and gas projects are closely monitored and seriously implemented.

Group leaders commended groups with outstanding achievements in the first 6 months of the year. Photo: PVN.

Realize the set planning goals

At the conference, comrade Le Manh Hung - Party Secretary, Chairman of the Board of Directors of Petrovietnam - said that in the coming time, the Group will continue to be consistent with the direction and management viewpoint of being determined to maintain the set governance goals.

Continue to overcome difficulties and limitations, with solutions to realize the set plan goals, creating the premise to implement the 5-year development plan goals and the Group's restructuring project. Currently, 10/12 targets according to the Group's 5-year plan have been completed, especially 2 very important targets: profit and budget payment.

The Group's leaders requested the entire Group to continue to improve the internal management system, promote decentralization and delegation of authority so that units in various fields can be proactive in implementing work; at the same time, research and promulgate mechanisms to encourage units to operate effectively.

A particularly important task is to focus on building a development strategy for the Vietnam Oil and Gas industry and the Group in sync with the strategies of each sector; Continue to accelerate the completion of proposed policy institutions, remove institutional and legal bottlenecks.

In addition, continue to focus on promoting the formation and implementation of value chains within the Group; research, evaluate and implement new business models in line with the development strategy of the Group as well as its units.

Source: https://laodong.vn/kinh-doanh/petrovietnam-hoan-thanh-vuot-muc-ke-hoach-6-thang-dau-nam-1366639.ldo