In the first month of 2024, production and business activities of Vietnam National Oil and Gas Group (Petrovietnam) continued to record positive results. Many indicators grew well compared to December 2023 and the same period, making an important contribution to stabilizing the macroeconomy, as well as ensuring energy security, especially during the recent Lunar New Year.
President Vo Van Thuong gave gifts to Petroleum workers at PTSC construction site
On February 19, Chairman of the Board of Directors, General Director of Petrovietnam Le Manh Hung chaired a briefing with leaders of member units on the production and business situation in January and the first quarter of 2024.
In January 2024, the macroeconomic situation at home and abroad had many improvements. The global purchasing managers index (PMI) has reached 50 points, ending a 16-month streak of below-average economic activity; PMIs of major economies also have positive changes, showing signs of production recovery, which can affect supply and demand of energy and raw materials. However, forecasts show a more difficult world situation in terms of energy supply and demand. Average oil price in January 2024, down 0.3 USD/barrel compared to oil price in December 2023 and down 8% over the same period in January 2023. In particular, low gas and electricity mobilization are causing great difficulties for Petrovietnam’s operations.
Overview of the meeting
According to PV GAS General Director Pham Van Phong, in the period before Tet, excess gas supply fluctuated around 2 – 3 million m3/day. During the Lunar New Year period, gas consumption only reached about 50% of production capacity. In the first 2 months of the year, PV GAS’s gas mobilization only reached about 84% of the plan, mainly decreasing because the situation of gas mobilization for electricity continued to decrease, with this situation it is likely difficult to complete the assigned plan. PV Power General Director Le Nhu Linh said that in January PV Power’s power plants operated safely and had high availability, however, the mobilization situation was very low, PV Power’s January power output reached about 1.2 billion kWh, mobilized during Tet only reached about 15% of the factories’ capacity. Meanwhile, these factories must fulfill gas offtake obligations and must pay for gas in advance, affecting production and business efficiency.
Dung Quat Refinery prepares resources for the 5th general maintenance
In that context, the Group identifies 2024 as a key year, where it is necessary to accelerate and make breakthroughs to successfully implement the goals, tasks, and targets of the 5-year plan 2021-2025; At the same time, respond to unpredictable fluctuations/impacts on production and business activities. Right in the first days and months of 2024, the entire Group has urgently deployed key tasks along with specific solutions to best complete the planned goals as well as growth goals. With management efforts, Petrovietnam ensures safe, synchronous, continuous, high-speed production and business activities, risk management, and control of plan implementation.
During the Lunar New Year holiday, the supply of petroleum for socio-economic development is always guaranteed by Petrovietnam.
During the Lunar New Year holiday, the supply of petroleum for socio-economic development is always guaranteed by Petrovietnam.
Comrade Le Xuan Huyen, Deputy General Director in charge of the Petrovietnam Executive Board, assessed that in January and early February, most of the Group’s targets fulfilled the assigned plans, exceeding December 2023, increasing growth over the same period. In particular, the Group has well implemented the instructions of the Prime Minister, the Ministry of Industry and Trade and other ministries and branches on ensuring the domestic supply of petroleum, as well as other energy products during the recent Lunar New Year. During Tet, the Group’s projects and factories are guaranteed to operate continuously, safely, at high capacity, from 110-120% of optimal capacity, ensuring adequate supply of raw materials, gasoline, and electricity. , nitrogen to serve people’s lives and socio-economic development.
Regarding production, in January 2024, in addition to the two targets that did not complete the plan (plan) of gas exploitation and electricity production, reaching 98% of the plan due to low gas and electricity mobilization, the main production targets The rest of Petrovietnam have all completed and exceeded the monthly plan by 2.8% – 80.5%, of which September 8 production targets increased compared to the same period in 2023.
Ca Mau Gas and Fertilizer Cluster
For example, crude oil output reached 865 thousand tons, exceeding 2.8% of the monthly plan, an increase of 1.5% compared to December 2023; Gas output reached 552 million m3, up 8.7% compared to December 2023, up 1.4% over the same period in January 2023; Electricity output reached 2.23 billion kWh, an increase of 18.4% compared to the implementation in December 2023, an increase of 35% compared to the same period in 2023; Petroleum production (excluding NSRP products) reached 640.2 thousand tons, exceeding 43.1% of the January 2024 plan, up 2.9% compared to December 2023, up 9.2% over the same period. period 2023; Fertilizer production reached 160.9 thousand tons, exceeding 5.1% compared to the plan in January 2024, increasing 1.9% compared to implementation in December 2023, increasing 1% compared to the same period in 2023;…
Along with positive production results, the Group’s financial targets all exceeded the January 2024 plan by 14% – 2.1 times. Of which, the total revenue of the Group reached 68.9 trillion VND, exceeding 17% of the monthly plan, increasing 14% over the same period in 2023; State budget contributions of the entire Group reached 9.9 trillion VND, exceeding 19% of the monthly plan, increasing 13% over the same period.
Online bridge points
Conclusion and direction, Chairman of the Board of Directors, General Director of Petrovietnam Le Manh Hung affirmed that in January and the first half of February, the entire Group has ensured safe, continuous production activities, without any incidents. try. Positive production and business results, many good indicators compared to expectations and growth compared to the same period and December 2023, have contributed to stabilizing the country’s macroeconomy.
Comrade Le Manh Hung noted that these are just the results of the first month and first quarter. 2024 is forecast to have many difficulties ahead. Therefore, the Group’s leaders thoroughly grasp the spirit of synchronization, companionship, comprehensiveness, continuity, and goal-orientation from the Party Committee, Board of Members, Executive Board to unions and representatives of the Group’s capital at the units. to implement the goals of the Group’s management plan. Comrade Le Manh Hung also proposed to launch widespread emulation throughout the industry, on works, factories, and projects to create a competitive atmosphere in the new year, aiming to exceed the assigned plan for the year. 2024.
Regarding governance and administration, Petrovietnam will continuously update the macroeconomic situation, focus on analyzing, evaluating, and finding ways to “renew old motivations, add new ones” for the development of the economy. development of the Group. Along with the specific tasks directed in the briefing, in the field of oil and gas search, exploration and exploitation, it is necessary to focus on ensuring an increase in oil and gas reserves and exploitation output in parallel with promoting Strengthen investment, research, and propose appropriate mechanisms and policies to create new institutional momentum. In addition, the Group and its units must maintain stable and safe operations of the plants, focus on overall maintenance of Dung Quat Oil Refinery, prepare the petroleum supply system, and manage Strictly manage inventory for petroleum and fertilizer. In the field of gas – electricity, the Group’s leaders note that they should focus on dismantling policy mechanisms, continue to have solutions to improve gas exploitation output and consumption, research and closely coordinate between units. in blocks.
Comrade Le Manh Hung also directed and continued to update the legal system with changes affecting the Group’s production and business activities, thereby supplementing, updating, and creating motivation for mechanisms and institutions; Evaluate the model, have fundamental solutions to promote investment activities; Build a database, manage weekly, monthly, quarterly goals and targets, and manage risks to coordinate and direct the implementation of set goals and plans; Strengthen and strengthen the system of inspection, supervision, and management of work carried out according to deadlines, as well as ensure good implementation of the requirements of state management agencies and legal regulations.
