Throughout the 63-year journey of overcoming countless difficulties and hardships, generations of Oil and Gas workers have always carried within them the aspiration and ambition of “finding oil to enrich the Fatherland”. Today, PetroVietnam has become the country’s leading economic and technical group.
PetroVietnam has mastered advanced technology and science, built a complete and synchronous oil and gas industry system from oil and gas exploration and exploitation to developing gas - electricity - processing industry and high-quality oil and gas services. In which, oil and gas exploration and exploitation is the core field, training a large and highly qualified oil and gas workforce.
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| Dung Quat Oil Refinery. (Source: PVN) |
Outstanding development, creating a complete value-added chain
Since the first ton of crude oil was exploited in 1986, by the end of 2023, Petrovietnam had exploited more than 460 million tons of domestic oil and about 200 billion m3 of gas. Oil and gas activities cover most of Vietnam's continental shelf and 200 nautical mile exclusive economic zone. Not only ensuring national energy security and making important contributions to the State budget, PetroVietnam also makes important contributions to affirming Vietnam's sovereignty, sovereign rights and jurisdiction in the East Sea.
One of the greatest achievements that PetroVietnam has made over the years is to continuously and actively search, explore, exploit and increase oil and gas reserves to ensure a stable supply of primary energy, an input for industrial production activities. The contribution of oil and gas to Vietnam's energy structure accounts for an average of 40% of the total primary energy supply, about 35% of the total final energy consumption demand in the period from 2005 to present.
Every year, PetroVietnam supplies nearly 9-11 billion m3 of gas to produce 35% of the national electricity output, 70-80% of gas for domestic consumption in the country. PetroVietnam is also the second largest enterprise in electricity supply with a total capacity of power plants reaching 6,605 MW, accounting for about 15% of the total national electricity output.
Dung Quat Oil Refinery (NMLD) - a symbol of Vietnam's petrochemical industry, has met about 30% of domestic gasoline and oil demand since its official operation, especially meeting fuel requirements of the Ministry of National Defense... PetroVietnam's two fertilizer plants, Ca Mau and Phu My, supply the market with over 1.6 million tons of urea/year, meeting about 70% of domestic fertilizer demand, contributing to ending the situation of fertilizer shortage and dependence on imported fertilizer.
Every year, the oil and gas processing sector contributes about 20-25% of PetroVietnam's total revenue. These are also the final links that create a complete value-added chain from the stages of searching, exploring - exploiting - processing - distributing oil and gas products and services of PetroVietnam.
From the results of implementing oil and gas projects nationwide, the Group has truly been the core and nucleus in forming concentrated industrial zones in: Ba Ria - Vung Tau, Dong Nai, Ca Mau, Dung Quat - Quang Ngai - Da Nang, Nghi Son - Thanh Hoa, Hau Giang... In any circumstance, PetroVietnam always ensures the supply of products serving life, economy and society such as: oil and gas, electricity, fertilizer, gasoline, LNG...
During the 2006-2015 period, PetroVietnam contributed an average of 20-25% of the total state budget revenue and 18-25% of the country's GDP. Since 2015, the oil and gas industry has continuously faced a series of challenges and difficulties due to economic instability, pressure from falling oil prices, the Covid-19 pandemic, geopolitical conflicts, and disruptions in the global supply chain.
In that general difficult context, with the courage of “Fire Seekers”, PetroVietnam has stood firm and continued to achieve proud results. The Group still contributes an average of 10-13% of the country’s GDP; accounts for 9-11% of total state budget revenue and 16-17% of total central budget revenue. The state budget from crude oil alone accounts for 5-6% of total state budget revenue.
Not only contributing to the economy, but the appearance and operation of each team of cadres, engineers, workers and each drilling rig of the Oil and Gas industry at sea is an affirmation of the country's sovereignty, demonstrating the implementation of Vietnam's marine economic strategy. Where oil and gas projects are being deployed, the exploitation rigs, drilling rigs, seismic exploration vessels, and mine surveillance vessels are all "outpost watchtowers", sovereignty markers in the East Sea, and also a support for fishermen to stick to the sea...
Set records, reach new heights
After 2020 and 2021 with many difficulties and challenges from the market, from the "double crisis" caused by the Covid-19 pandemic and the severe decline in oil prices, PetroVietnam has maintained stable production and business activities, achieving the goal of recovering growth compared to before the Covid-19 pandemic. With efforts from the hardships, PetroVietnam is confident in not being afraid of challenges, surpassing itself by setting higher goals for the next stages of continuing the momentum of growth and sustainable development.
By 2022, PetroVietnam has set the motto "Managing fluctuations, Anticipating trends, Connecting resources, Promoting technology, Promoting investment, Sustainable development" as the goal to strive to achieve the highest level of assigned tasks/targets. Realizing that goal, PetroVietnam has set many records in 2022. By the end of 2022, all output and business targets in the Group's 5 fields have completed the annual plan and grown highly compared to 2021 from 3-26%.
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| Offshore wind power base manufacturing site at PTSC Vung Tau Port. (Source: PVN) |
Oil production completed the yearly plan 2 months and 11 days ahead of schedule, setting a record for the earliest plan completion time for the Group's most important production target in the context of declining output of most blocks/mines.
In 2022, the Group also set a record in production and trading output of nitrogenous fertilizer and petroleum products. Specifically, nitrogenous fertilizer production completed the annual plan 1 month and 14 days ahead of schedule; in 2022, it reached 1.84 million tons, exceeding 244 thousand tons (≈ 15%) of the annual plan, up 9.2% compared to 2021 - reaching the highest record since PetroVietnam had its first nitrogenous fertilizer product in the fourth quarter of 2004 to early 2023.
The Group's nitrogenous fertilizer exports reached a record level with an output of 606 thousand tons, an increase of 2.1 times compared to 2021, accounting for 36% of the country's fertilizer export output and 37.4% of the country's fertilizer export turnover.
Petroleum production completed the yearly plan 1 month and 7 days ahead of schedule; in 2022, it reached 6.96 million tons, exceeding 784 thousand tons (≈ 13%) of the yearly plan, up 9.1% compared to 2021 - reaching the highest record level since Dung Quat Oil Refinery went into commercial operation from June 1, 2010 to early 2023.
The Group's total revenue completed the yearly plan 4 months ahead of schedule, reaching VND931.2 trillion in 2022, exceeding the yearly plan by 67%, up 48% compared to 2021 - setting a new record in PetroVietnam's history, surpassing the record of 2012 when there were many favorable times in terms of oil prices and production output.
In 2023, steadfast in the growth target, with the motto "Managing fluctuations - Expanding scale - Accelerating digital transformation - Shifting models - Improving productivity - Regenerating business", the Group and its member units will deploy work and tasks during the year in a synchronous, consistent, effective and quality manner, surpassing themselves and setting new records.
In 2023, the Group's nitrogen production output will reach 1.76 million tons, exceeding the annual plan by 10.3%, of which granular nitrogen output will reach 950 thousand tons - a record level since the Group had its first ton of granular nitrogen product (January 29, 2012) until early 2024.
Petroleum production reached 7.36 million tons, exceeding the 2023 plan by 33.2%, up 5.8% compared to 2022. This is the highest record since Dung Quat Oil Refinery began commercial operation on June 1, 2010, 400 thousand tons higher than the record set in 2022. The Group's units also set their own records in 2023, such as PVOIL setting a record for petroleum trading with 5.21 million m3; PV GAS setting a record for LPG trading with nearly 2.5 million tons.
Total revenue of the Group reached VND 942.8 trillion, exceeding the annual plan by 39%, VND 11.6 trillion higher than the record in 2022 (VND 931.2 trillion), equivalent to 9.2% of the country's GDP. The Group's total contribution to the State budget reached VND 151.8 trillion, exceeding the 2023 plan by 94%, accounting for about 9% of the total state budget revenue in 2023.
Entering 2024, with the target set for each year higher than the previous year, the Group strives to achieve a growth rate of 3.5-6%, revenue of over VND 970 trillion, promoting investment, creating growth momentum for long-term development. In the first 9 months of 2024, PetroVietnam's total revenue is estimated at VND 736,500 billion, completing 100% of the annual plan, reaching the target 3 months ahead of schedule, up 12% over the same period in 2023; the Group's total state budget contribution is estimated at VND 115,200 billion; comprehensively completing 6/6 financial targets for the whole year of 2024 according to the plan assigned by the State Capital Management Committee at Enterprises and the Board of Members, reaching the target 3-5 months ahead of schedule. Of which, 5/6 growth targets are from 9-31%: the Group's total revenue increases by 12%; The Group's total state budget contribution increased by 9%; consolidated revenue increased by 14%.
With the results achieved in recent years, as of June 2024, PetroVietnam has completed 10/12 targets according to the 5-year plan 2021-2025, especially 2 very important targets: profit and budget payment. It is estimated that by the end of 2024, PetroVietnam will exceed the 5-year plan in terms of total revenue. Thus, after 3 years (2021-2024), PetroVietnam has fully completed the financial targets according to the 5-year plan 2021-2025.
Source: https://baoquocte.vn/petrovietnam-lam-m-chu-co-ng-nghe-tham-do-khai-thac-tieng-n-tien-nhat-tre-n-the-gioi-295045.html
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