Employees performing maintenance work on Unit 2 of the Vũng Áng 1 Thermal Power Plant. — Photo courtesy of Petrovietnam

HÀ NỘI — The Vietnam Oil and Gas Group (Petrovietnam) reported it achieved total revenue of VNĐ736.5 trillion (US$29 billion) and contributed VNĐ115.2 trillion to the State budget in the first nine months of 2024, exceeding the full-year targets, accomplishing them three to four months ahead of schedule, despite facing numerous challenges in its business operations.

Crude oil output reached 786,000 tonnes, exceeding the monthly target by 25.2 per cent, bringing the nine-month cumulative figure to 7.43 million tonnes, 20.7 per cent higher than the nine-month target.

Electricity production during the period hit 20.88 billion kWh, an increase of 18.4 per cent compared to the same period in 2023. Urea production and petroleum output (excluding NSRP) reached nearly 1.4 million tonnes and 4.9 million tonnes respectively, with full-year targets expected to be exceeded.

Petrovietnam achieved cost savings of over VNĐ2.1 trillion over the nine months, meeting 94 per cent of the planned cost reduction for 2024, including savings from raw materials, management and financial costs.

In addition to its business operations, the group allocated VNĐ480 billion to social welfare activities during the first nine months, notably collaborating with the Lào Cai People’s Committee on the Kho Vàng village reconstruction project in Cốc Lầu commune, Bắc Hà district.

However, Petrovietnam General Director Lê Ngọc Sơn said the group has acknowledged that market conditions remain challenging, impacting production and business targets.

The group is implementing adaptive strategies such as optimising productivity, ensuring production and financial targets, boosting output, cutting costs and diversifying production to mitigate reliance on rising raw material prices.

Sơn emphasised the need for the company to remain focused on completing its 2024 plan and preparing for 2025 by maintaining effective management and cost control and ensuring environmental safety.

The group is also prioritising technological development and investment, preparing for the coming years, including establishing structures related to new energy and preparing the workforce and resources for the development of renewable energy in line with global energy transition trends, he said. — VNS