National oil and gas firm to embrace energy transition

August 17, 2022 - 07:35

Renewable energy has brought radical changes to the energy sector. 


A PetroVietnam oil rig. The firm has carried out tasks to embrace the green transition. VNA Photo

HÀ NỘI — The Vietnam National Oil and Gas Group (PetroVietnam) has rolled out measures to keep operations on track and embrace energy transition.

According to the firm, renewable energy has brought radical changes to the energy sector. Liquefied natural gas power projects under construction are required to develop plans to switch to hydrogen fuel.  

The firm has carried out 12 green tasks to affirm its commitment to renewable energy. The tasks include greenhouse gas reduction, economical efficient use of energy, coal-fueled plants going green, Carbon Capture, and Usage and Storage.

The film has also signed a memorandum of understanding with the Asian Development Bank (ADB) to cooperate in energy transition.

PetroVietnam General Director Lê Mạnh Hùng revealed that the firm began to engage in the energy transition roadmap in 2019, but with a pace in line with the national targets.

He said the firm would seek ways to step up the exploration and exploitation of oil and gas, and at the same time, use renewable energy in exploitation activities.

PetroVietnam pumped 5.48 million tonnes of crude oil in the first six months of 2022, surpassing the set target by 23 per cent. Its revenues were estimated at VNĐ468.3 trillion (US$20 billion) during the period, up 55 per cent year-on-year and double the six-month target.

It contributed VNĐ66.1 trillion to the State budget, 2.2 times higher than the half-year plan and representing an increase of 41 per cent against last year.

In 2021, PetroVietnam was ranked third among the biggest companies in Việt Nam, behind Samsung Vietnam and Vietnam Electricity (EVN), under the VNR500 Rankings.

Gasoline demand in Việt Nam is projected to increase and reach a peak between 2030 and 2035, whereas diesel oil shortages are forecast to continue until 2035. — VNS