Liquefied natural gas tanks in the LNG Thị Vải Project. The project had supplied 20 million cbm of liquefied natural gas to the market by late July. — Photo courtesy of PVN

HÀ NỘI — PetroVietnam (PVN) over-fulfilled its production plan for all indices in the first seven months of 2023.

That was the remark made by PVN Director-General Lê Mạnh Hùng in his recent meeting with heads of PVN's subsidiaries.

Hùng said PVN was doing quite well during the period with an electricity output of 14.9 billion kWh, surpassing that in 2022 by 62.3 per cent. The same goes for oil drilling with 6.2 million tonnes of oil being extracted, up 5.4 per cent year-on-year.

Gas extraction also beat last year's performance with an output of 4.8 billion cbm. Ammonia output, meanwhile, reached 1.0 million tonnes and was 3.3 per cent higher than that in the first seven months of 2022.

Petroleum was the next business segment hitting the mark. Its output surpassed PVN's seven-month production plan by 25.3 per cent, hitting 4.2 million tonnes.

And PVN's impressive performance has translated into impressive revenue, despite the falling oil and petrol prices in July that were triggered by the global economic downturn.

The corporation made VNĐ495.7 trillion (US$20.9 billion) in revenue in seven months, of which VNĐ78.3 trillion ($3.3 billion) was paid to the State budget. The latter surpassed PVN's plan by 62 per cent and met its yearly targets five months ahead of schedule.

Investment in facilities was on track with the entry into operation of the LNG Thị Vải Project and RC8 Oil Rig last month. Notably, LNG Thị Vải had supplied 20 million cbm of liquefied natural gas to the market by July 31. Other projects, including Ô Môn III and IV Thermal Power Plants, were sped up to be brought into service soon.

The Director-General suggested several measures to help PVN maintain its growing momentum in the last five months of the year. Some measures involve production planning, market expansion, digital transformation, and energy transition.

"The corporation will spare no effort to met the targets set by the Government with flying colours," said PVN Chairman Hoàng Quốc Vượng. — VNS