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Sunday, February 5, 2023

PVN’s pre-tax profit at 61-year high

The Saigon Times

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HCMC – The Vietnam Oil and Gas Group (PVN) recorded total revenue of VND931.2 trillion and pre-tax profit of over VND82.2 trillion (around US$3.5 billion), the highest in 61 years of the Vietnamese oil and gas industry’s history.

PVN achieved growth rates of 3-26% in different fields and set some new high records in 2022, the general director of PVN, Le Manh Hung, said at a review conference yesterday, January 10.

Specifically, PVN’s oil and gas reserves reached 16.97 million tons, up 26% compared to 2021. The group extracted 10.84 million tons in 2022, with 9.98 million tons in Vietnam and 1.86 million tons in foreign countries.

Gas extraction output reached 8.08 billion cubic meters in 2022, up 8.3% year-on-year.

The group supplied around 17.64 billion kWh of electricity, and 6.69 million tons of petroleum in 2022, up over 9% over the figure in 2021.

At the conference, Prime Minister Pham Minh Chinh praised PVN’s contributions to stabilizing the economy, controlling inflation and promoting economic growth in 2022.

Given the forecast for fuel price fluctuations in 2023, PM Chinh requested the industry to stabilize fuel production, ensure adequate fuel supply and promptly solve problems related to the Block B gas-power project, the Blue Whale gas-fired power chain, the Long Phu I thermal power plant and the Dung Quat oil refinery expansion.

The Government required PVN to break ground on some key projects, including the Block B gas-power project, the Nhon Trach III and IV thermal power plants and the LNG Son My gas power chain, and study the feasibility of new energy projects.

PVN has set targets of reaching 8-16 million tons in oil and gas reserves, 9.3 million tons in oil extraction, 5.94-8.11 billion cubic meters in gas extraction, 24 billion kWh of electricity and 5.53 million tons of fuel (excluding the Nghi Son oil refinery) in 2023.

With an oil price of US$70/barrel, PVN expects to earn revenue of VND677.7 trillion and pre-tax profit of VND34 trillion (excluding the Nghi Son oil refinery) in 2023.

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