PetroVietnam 'has crossed finish line' early on all financial targets, oil and gas production output

At 8:00 am on October 28, Ca Tam 2 (CTC-2) production rig of Ca Tam field, Lot 09-3/12 officially exploited the first oil stream. (Source: Petrovietnam)

Regarding total revenue: the whole Group completed the whole year plan 4 months ahead, 10 months of 2022 reached 782 trillion dongs, exceeded 40% of the whole year plan and increased by 56% compared to the same period in 2021.

Regarding the payment to the state budget, the whole Group completed the whole year plan 6 months ahead, 10 months achieved 112.2 trillion dongs, 74% higher than the whole year plan, equivalent to the whole year of 2021 (112.5 trillion dongs).

Regarding the payment to the state budget of the whole Group in 10 months, accounting for 7.7% of the total state budget revenue of the whole country - higher than the average proportion of the period 2016-2020 (7.5%). Paying the state budget from crude oil in 10 months reached over 65.5 trillion dongs, 2.3 times higher than the annual estimate (28.18 trillion dongs), an increase of 95% compared to the same period in 2021 (33.58 trillion dongs).

Domestic oil exploitation has completed the whole year plan 2 months and 18 days ahead (reaching 7.04 million tons on October 13), has been carried out in 10 months, reaching 7.48 million tons, exceeding 6% of the year plan and approaching the level of implementation in the same period in 2021 (equivalent to 99.2%; 7.54 million tons).

This is the most outstanding achievement of PetroVietnam in many years, because the coefficient of decline in domestic oil production in the period 2016-2020 is at 11%/year, in 2021 is 5.7%.

PetroVietnam General Director Le Manh Hung inspects the operation progress of the coal receiving port of Thai Binh 2 thermal power plant (Source: PetroVietnam)

Completed the plan of total domestic and foreign oil production for the whole year 2 months and 11 days ahead (reaching 8.74 million tons on October 20), 10 months' implementation reached 9.03 million tons, exceeding 3% of the whole year plan in 2022; approaching the implementation level in the same period in 2021 (equal to 99.4%; 9.09 million tons).

In addition, PetroVietnam has put 4 new oil and gas fields and projects into operation, including: H4 rig, Block PM3 CAA on April 30, 2 months earlier than planned; Dai Nguyet field on August 08, 18 days earlier than planned; RC-10 rig on October 28, 18 days earlier than planned and CTC-2 rig Ca Tam field on October 28, 2022, 1 month earlier than planned.

It is expected that Group/VSP will put the RC-RB-1 rig into operation from the end of November, the beginning of December, 2022. Thus, in the whole year of 2022, the whole Group will put 5 new oil and gas fields/works into operation, 1 more project than the annual plan Petrovietnam registered with the Government, ministries and branches.

Petrovietnam General Director Le Manh Hung at the ceremony to celebrate the completion of oil and gas production and financial targets for 2022 took place on 11 November. (Source: People's Police)

At the ceremony to celebrate the completion of oil and gas production output and financial targets for 2022 taking place on November 11, Petrovietnam General Director Le Manh Hung emphasized, with the results achieved along with positive results, from other fields, 2022 will be a successful year for PetroVietnam.

With less than 2 months left until the end of 2022, Petrovietnam General Director Le Manh Hung noted that there is still a lot of work to do, so the Group as well as its departments, units and projects must continue to manage risks, ensure the safe and stable operation of fields/projects, works and factories.

For the E&P sector, the General Director of PetroVietnam suggested, it is necessary to continue to focus on technical solutions, strengthening governance, maintaining production, and increasing output. In addition to completing and putting into operation 4 projects/works in 2022, it is necessary to continue to put other works into operation according to schedule and plans, contributing to maintaining exploitation output in the coming years.

Mr. Nguyen Manh Hung believes that, with careful preparation, following the successes achieved in 2022, the Group as well as units and departments will accelerate the work in line with the Group's strategic development roadmap in the new period.

At the same time, we hope that the leaders, officers, staff and employees of the whole Group will try their best to increase creativity and help the Group continue to develop in the coming time.

The Group's leaders congratulate the specialized committees for their profound achievements in completing the oil and gas exploitation plan and financial targets in 2022.

On this occasion, on behalf of PetroVietnam's leaders, General Director Le Manh Hung recognized and praised the efforts of the whole Group in all stages, units, special specialized committees, officers and employees working directly in the field of E&P, workers, engineers, and direct workers at fields/projects that have contributed to bringing the Group's most important target (oil and gas exploitation target) to the finish line 2 months and 18 days ahead.

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