The BK-23 offshore platform of Petrovietnam. — Photo courtesy of Petrovietnam

Despite facing global economic challenges, including high interest rates, inflation and other uncertainties, the Vietnam Oil and Gas Group (Petrovietnam) has maintained positive business results throughout the first eight months of 2024.

The group's total revenue is estimated to have reached VNĐ650.4 trillion, exceeding its target by 34 per cent and marking a 13 per cent increase compared to the same period in 2023.

In August, as the global economy continued to grow slowly, oil and gas prices fell, while LNG and gas prices rose. In response, Petrovietnam implemented proactive management strategies to seize opportunities and mitigate adverse effects. As a result, most of the group's key production targets surpassed planned levels, ranging from 6.3 per cent to 28.2 per cent above expectations.

The group's crude oil output in August reached 833,000 tonnes, exceeding the plan by 28.2 per cent, with a total of 6.64 million tonnes extracted in the first eight months. Gas production during this period reached 4.41 billion cubic metres, surpassing the target by 29.2 per cent. Total electricity production stood at 19.23 billion kWh, reflecting a 20.1 per cent year-on-year increase.

With these positive business results, Petrovietnam contributed VNĐ96.5 trillion to the State budget, 49 per cent above the eight-month plan and a seven per cent rise compared to the same period last year. The group's consolidated pre-tax profit exceeded VNĐ35.5 trillion, surpassing its target by 84 per cent.

Beyond its business achievements, Petrovietnam actively participated in social welfare activities, contributing VNĐ469 billion in the first eight months of the year. The group also provided significant support to communities affected by Typhoon No. 3, donating nearly VNĐ40 billion.

Petrovietnam's General Director, Lê Ngọc Sơn, praised the efforts of the group's subsidiaries for exceeding revenue and profit targets. He highlighted the positive macroeconomic outlook, with Việt Nam’s GDP forecast to grow between 6 per cent and 6.5 per cent this year, driven by the government’s bold measures to ease business challenges.

However, Lê Ngọc Sơn also cautioned that Petrovietnam faces numerous challenges in the final months of the year, including global economic headwinds and the domestic impacts of Typhoon Yagi. He emphasised the need for the group to focus on risk management strategies and optimise operations to meet its 2024 goals.

In its search for new growth drivers, Petrovietnam’s subsidiary, the PetroVietnam Exploration Production Corporation (PVEP), is expected to surpass its targets in exploration and resource growth. Meanwhile, PV GAS has reported positive growth by expanding its LNG market in the north and enhancing gas consumption beyond the power sector.

Through effective management and continuous efforts, Petrovietnam is on track to achieve its key objectives for 2024, while contributing to the sustainable development of Việt Nam's oil and gas industry. — VNS