BIENDONG POC's workers perform maintenance on the Hải Thạch platform, located 320 kilometres offshore Bà Rịa-Vũng Tàu Province. — Photo courtesy of Petrovietnam

HÀ NỘI — In the face of challenges in the global and domestic economic landscape, the Vietnam National Oil and Gas Group (Petrovietnam) has demonstrated remarkable resilience and proactive business operations in the first nine months of 2023.

Ending September, Petrovietnam achieved an oil extraction volume of 7.85 million tonnes, surpassing the 9-month plan by 14.1 per cent and reaching 84.6 per cent of the annual target. Of this, domestic oil extraction amounted to 6.51 million tonnes, exceeding the 9-month plan by 16.8 per cent and foreign crude oil extraction reached 1.34 million tonnes, surpassing the 9-month plan by 2.7 per cent.

Gas extraction for the nine months reached 5.76 billion cubic metres, exceeding the 9-month plan by 11 per cent and achieving 72.1 per cent of the annual target (annual target of 7.94 billion cubic metres).

Electricity production and supply for the nine months reached 17.55 billion kWh, surpassing the 9-month plan by 1.2 per cent and achieving 73.1 per cent of the annual target, marking a 45.6 per cent increase compared to the same period in 2022.

Fertiliser production for the nine months reached 1.3 million tonnes, exceeding the 9-month plan by 5.2 per cent and achieving 81 per cent of the annual target, representing a 4.8 per cent decrease compared to the same period in 2022.

Amidst the challenging global economic situation, Petrovietnam remains determined to uphold its goals set at the beginning of the year. The world economy, in general, and major economies, in particular, face difficulties and uncertainties, with the recovery being unsustainable.

Global Purchasing Managers' Index (PMI), including Việt Nam’s index, consistently remains below 50 points, indicating a contraction in the manufacturing sector, weak market demand, and financial and currency markets experiencing abnormal volatility, posing numerous risks.

In the domestic context, it is widely acknowledged that achieving GDP growth targets under the outlined scenarios is extremely challenging. For the oil and gas sector, despite positive factors such as an increase in oil prices in Q3 compared to earlier periods, prices remain lower than the same period last year. Additionally, challenges persist in supply and demand, and the market experiences various anomalies, with low electricity mobilisation affecting oil extraction and gas surplus.

In the face of these formidable challenges, Petrovietnam remains steadfast in its commitment, exerting continuous efforts to achieve its growth targets. This is aimed at making the highest contribution, supporting the GDP growth as well as ensuring the nation's energy security is a top priority.

The total revenue of the entire Petrovietnam for the first nine months is estimated at VNĐ643.2 trillion (US$26.8 billion), exceeding the 9-month plan by 26 per cent, equivalent to 95 per cent of the annual plan. The contribution to the national budget for the first nine months is estimated at VNĐ102.4 trillion, surpassing the 2023 annual plan by 31 per cent. The consolidated pre-tax profit of the Group for the first nine months is estimated at VNĐ42.5 trillion, surpassing the annual plan by 22 per cent.

As of September 30, Petrovietnam's consolidated total assets are estimated at VNĐ998 trillion, and the Petrovietnam brand value reaches nearly $1.4 billion (tripling from 2019) with a brand strength index at AA-. — VNS