Petrovietnam sets ambitious goals for 2024

Monday, Jan 15, 2024 13:46

Workers are constructing the offshore wind turbine foundation at the PTSC port. — Photo courtesy of Petrovietnam

In 2024, the National Oil and Gas Group (Petrovietnam) has raised its goals from 2023, setting higher targets to ensure continuous growth and sustainable development.

The group aims to increase the total oil and gas reserves to 12-18 million tonnes of oil equivalent, exceeding the 2023 plan of 8-16 million tonnes. Oil production is targeted at 8.20-8.98 million tonnes, and gas production at 5.10-7.50 billion cubic meters, with efforts to reach over 7.50 billion cubic meters if gas demand for power generation is maximised.

Other production goals include 1.74 million tonnes of fertiliser, 27.78 billion kWh of electricity, and 5.79 million tonnes of petroleum (excluding Nghi Sơn). The total revenue of the entire Petrovietnam Group is expected to reach VNĐ734.2 trillion (US$30.6 billion), exceeding the 2023 plan by VNĐ56.5 trillion.

The group aims to contribute VNĐ94 trillion to the State budget, surpassing the 2023 plan by VNĐ15.6 trillion. The consolidated pre-tax profit is projected to be VNĐ22 trillion.

To achieve these goals, Petrovietnam identifies six core solution groups, including mechanisms and policies, enterprise management, finance, investment, market and technology, training, safety, environment and sustainable development.

Ending 2023 with impressive achievements, Petrovietnam exceeded key growth indicators compared to 2022, establishing new records in the 62-year history of the oil and gas industry. Successful exploration and extraction efforts contributed to surpassing annual oil reserves targets and making significant new oil discoveries in Block 16-2 and PM3-CAA.

In terms of financial indicators, Petrovietnam exceeded its yearly plan by 39 per cent, reaching a total revenue of VNĐ942.8 trillion ($39.3 billion) and contributing VNĐ151.8 trillion to the State budget, equivalent to 9.4 per cent of the total national budget in 2023.

At the year-end conference attended by Prime Minister Phạm Minh Chính early this week, the PM urged Petrovietnam to proactively manage domestic and international uncertainties, focus on forecasting and evaluating potentials, and apply modern management, especially in the context of global energy transition.

Emphasising innovation and modern management, Petrovietnam is keen on facing global energy transition trends. Financial and investment solutions highlight maintaining a healthy financial structure, and intensifying investment, research and development activities.

Accelerating digital transformation, adopting technology and green transition, particularly in the oil and gas industry, are priorities. Timely deployment of IT platform applications aligned with new trends is essential.

In the defence, security and foreign affairs sector, PM requested the group closely coordinate with relevant agencies, especially in oil and gas exploration and exploitation, ensuring economic defence and security, and maintaining independence and sovereignty in the East Sea (internationally known as the South China Sea). — VNS

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