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June 2022 CEO meeting: Petrovietnam strives to maintain production, ensures energy security and makes positive contributions to the economy

In the first 5 months of 2022, in the context of the energy market having many fluctuations due to the Russia-Ukraine conflict, although the existing oil and gas fields tend to have a large decrease in output after a long time of production, Vietnam National Oil and Gas Group (Petrovietnam) has made efforts to maintain and increase production output to contribute to ensuring national energy security and the national economy, recognized and appreciated by the Party and State leaders.


Online bridge points

On 4th June, Petrovietnam President and CEO Le Manh Hung chaired the June 2022 production and business meeting online with heads of units throughout the Group on business results of May and plan for June, at the same time update the market situation, deploy goals, plans, solutions to perform tasks in the next months of 2022. 

Attending the meeting were Vice Presidents and Heads of Divisions/ Administration Office of the Group and its subsidiaries’ leaders. 

To date, the conflict between Russia and Ukraine has exceeded 100 days, becoming a large-scale proxy war, fragmenting geo-economics and politics, leading to supply chain disruptions, sharp increases in inflation, high food and energy prices. Central banks around the world are conducting the widest interest rate increase ever in the past two decades, reflecting a trend of monetary tightening. In May and the first 5 months of 2022, the world’s major economies grew much slower than forecast.   

Thai Binh 2 Thermal Power Plant was successfully connected to the Unit 1 power grid in the presence of leaders of the State Management Committee, Thai Binh province and Petrovietnam. 

Domestically, despite positive GDP growth, electricity and gas mobilization was still at a low level. The Russian-Ukrainian conflict had an impact on freight rates, input materials, and operating costs; risk of embargo, risk of interruption of supplies and equipment; affected customers and international partners had to stop or suspend operations, which has also been affecting Petrovietnam’s operations. 

In that context, with close monitoring of market development, regular update and assessment of world trends in activities and efforts, initiative throughout the Group, in May and the first 5 months of 2022, Petrovietnam maintained stable, safe, efficient and high growth rate of production and business. With the output of oil, petrol, electricity, gas... supplied the economy, Petrovietnam made an important contribution to ensuring national energy security. Notably, before the production decline in all oil and gas fields due to being exploited for too long, while the reserve compensation coefficient was not guaranteed because the investment and development of new fields encountered many obstacles in terms of the mechanism; The new fields put into operation were mainly small and marginal ones... Petrovietnam made great efforts to implement many solutions to maintain production output, on the one hand contributing to ensuring energy supply for the country, on the other hand taking advantage of positive oil price to increase the contribution to the budget. Crude oil production in May reached 0.92 million tons, exceeding 18% of the plan in May, and reached 4.55 million tons in 5 months, exceeding 22% of the 5-month plan and equalling 52% of the plan in 2022. Oil production in 5 months was higher than the plan because most of the main fields had high uptime coefficient; strengthened the management of production output at key blocks/fields of the whole Group, applying maximum technical solutions/ measures to increase output. 

Su Tu Den (Black Lion) Platform

Production of and supply of other products such as gas, electricity, fertilizer, petrol… continued at a high level, meeting market demand. Petroleum production (excluding Nghi Son Refining and Petrochemical Company - NSRP) in May reached 578.9 thousand tons, exceeding 8% of the month plan, and reached 2.79 million tons in 5 months, exceeding 6% of the 5-month plan and equalling 45% of the year plan. Fertilizer production in May reached 150.2 thousand tons, exceeding 1% of the month plan, and reached 776.4 thousand tons in 5 months, exceeding 8% of the 5-month plan and equaling 46% of the year plan, an increase of 20% over the same period in 2021. 

Petrovietnam President and CEO Le Manh Hung inspected the conveyor system at coal warehouse No.1

Thanks to stable production and business activities, Petrovietnam continued to achieve very positive financial targets, continued its growth momentum, and significantly contributed to the State budget. In the first 5 months of 2022, the Group’s total revenue was estimated at 372.2 trillion dong, exceeding 63% of the 5-month plan, reaching 67% of the whole year plan in 2022 and increasing by 58% over the same period in 2021; the Group’s contribution to the State budget was estimated at 52.8 trillion dong, exceeding 74% of the 5-month plan, reaching 82% of the 2022 plan and increasing by 59% over the same period in 2021. 

Dung Quat oil refinery continues to operate safely, stably with high capacity, providing more than 30% of domestic petroleum demand, helping to ensure national energy security

In May 2022, key power projects continued to be the top priority in the Group’s production and business activities. On 4th May, in Hanoi, Petrovietnam and EVN held the signing of a Power Purchase Agreement (PPA) of Song Hau 1 Thermal Power Plant, the commercial operation phase. On 12th May, Thai Binh 2 Thermal Power Plant Project was successfully connected to the Unit 1 grid with oil, 7 days ahead of schedule. 

In May, Petrovietnam continued to promote international activities by promoting cooperation with the world’s major corporations in the US and Korea in the fields of oil and gas investment activities, energy transformation as well as digital transformation and application of technology in oil and gas activities.

Petrovietnam delegation worked and visited Exxon Mobil’s headquarters in Houston

Concluding the meeting, Petrovietnam President and CEO Le Manh Hung highly appreciated and praised the efforts of the whole system to achieve positive results in the first 5 months of the year. In order to continue to well control, manage, maintain operational efficiency in the coming months, Petrovietnam President and CEO directed to focus on supporting and creating conditions for units throughout the Group to ensure safe and efficient production, especially improve oil production, although it would be extremely difficult. Mr. Le Manh Hung also directed to focus on assessing the market, the macro-economic situation, such as proxy wars, world fragmentation, inflation, energy and food prices… then forecast, evaluate, update on the target, plan for production and business management in June and the remaining months; effort to increase market share, develop the gas market in addition to electricity, serving the immediate goals as well as the long-term strategy; assess the domestic and foreign market for service activities, especially in the offshore wind power sector, to have policies to support the Group’s units in building linkage chains and promoting development in this field; review and promote investment to take advantage of opportunities; good investment and financial management; strengthen the management and control of risks, especially the risk of legal compliance…

Petrovietnam President and CEO Le Manh Hung delivered concluding speech

Identifying that one of the important motivations for Petrovietnam to increase its contribution to the budget is the removal of difficulties and obstacles in terms of mechanisms to increase production output and promote other aspects of business and production activities. Petrovietnam President and CEO Le Manh Hung directed the entire system to focus on promoting and supporting the authorities in perfecting institutions, including the Petroleum Law and related legal system, in order to create favorable conditions to promote investment, production and business activities, develop the oil and gas industry in the new situation, contribute positively to the national economy.