At the online briefing meeting to manage production and business activities in the 11 months of 2022, General Director of Vietnam Oil and Gas Group (Petrovietnam) Le Manh Hung said that by November, the Group had reached the finish line ahead of schedule. all financial targets and oil and gas exploitation output of 2022, signaling a year of exceeding assigned tasks, continuing growth momentum, setting new records.
Petrovietnam General Director Le Manh Hung chaired the regular briefing in December 2022
On December 9, Petrovietnam General Director Le Manh Hung chaired a regular online production and business executive meeting in December 2022 with heads of units throughout the Group on production and business results in November and 11 months. plans for the remaining months of 2022 and discuss tasks and solutions for 2023.
Attending the meeting were comrade Hoang Quoc Vuong – Secretary of the Party Committee, Chairman of the Group’s Board of Directors; comrades in the Party Standing Committee, Board of Members, Deputy General Directors, Heads of professional departments/Group offices, and leaders of member units throughout the Group.
Chairman of Petrovietnam Board of Directors Hoang Quoc Vuong and other Group leaders attended the meeting
In November 2022, the macroeconomic situation related to production in the world, including our country, shows signs of a very rapid decline. The purchasing managers’ index (PMI) in major countries and markets is lower than 50 points (November 2022 PMI of the US: 47.7 points; EU: 47.1 points, China: 49 ,4 points). According to JP Morgan’s announcement, the global PMI index continued to decrease for the third consecutive month from 49.4 points in October 2022 to 48.8 points in November 2022 (down 0.6 points), remaining below 50 points mark for the third consecutive month. Domestically, the growth rate of industrial production tends to slow down due to a decline in orders, high input costs and a shortage of raw material supply. This shows signs of production recession, international trade flows are gradually decreasing, and production activities are tending to shrink. Along with the recession, crisis, and risks in the financial and currency markets continue to greatly impact the operations of the business community in general as well as Petrovietnam in particular.
In November 2022, crude oil prices were quite complicated, world oil prices plummeted as China continued to strengthen Covid-19 epidemic prevention measures and strict blockades led to continued weakening of oil demand. . Meanwhile, oil demand in Europe and the US continues to decline due to the impact of the economic recession, policies to increase interest rates and the strengthening of the USD. In particular, the EU has agreed on a ceiling price of 60 USD/barrel for Russian oil by sea, which will have an impact on the world oil market and affect Petrovietnam’s production and business activities.
Faced with that situation, lessons from successful experiences in managing fluctuations have been implemented effectively, throughout 2020 until now, with accurate, timely and flexible forecasts and assessments in the face of changes. geopolitical fluctuations, oil and gas market fluctuations, identifying risks that may negatively impact the Group’s operations; along with effective, timely, and flexible solutions according to the 2022 motto of “Managing fluctuations, anticipating trends, connecting resources, promoting technology, promoting investment, and sustainable development.” “, Petrovietnam continues to achieve positive results in November and the first 11 months of 2022.
Petrovietnam celebrates the completion of the oil and gas exploitation plan and financial targets for 2022
In November 2022, the entire Group recorded 1 more task and 3 targets to complete the whole year plan ahead of schedule: Putting the RCRB-1 rig into operation on November 16 – earlier than planned. 15 days; Fertilizer production completed the whole year plan 1 month and 14 days ahead (reaching 1.60 million tons on November 16); Petroleum production (excluding NSRP) completed the whole year plan 1 month and 7 days ahead (reaching 6.17 million tons on November 23, 2022); Overseas oil exploitation completed the whole year plan 1 month and 1 day ahead (reaching 1.70 million tons on November 29).
By November 16, 2022, the Group had completed and exceeded the yearly mine development plan, putting 05 new mines/projects into operation, 01 project more than the Group’s yearly plan. The projects were put into operation 15 days – 2 months early, actively contributing to increasing production, ensuring stable exploitation from the Group’s mines in 2022 as well as the following years.
CTC-2 rig at Ca Tam field, one of 5 new fields to be put into operation in 2022, contributes to helping Petrovietnam complete its plan to increase output
Crude oil exploitation completed the whole year plan 2 months and 11 days ahead (reaching 8.74 million tons on October 20). Crude oil exploitation in 11 months reached 9.91 million tons, exceeding 13% of the year’s plan, equivalent to the level implemented in the same period last year (9.97 million tons). In particular, domestic oil exploitation completed the whole year plan 2 months and 18 days ahead (reaching 7.04 million tons on October 13). Overseas oil exploitation completed the whole year plan 1 month and 1 day ahead (reaching 1.70 million on November 29). The output of gas, electricity, nitrogen, gasoline and other products all increased compared to the same period in 2021.
RC-10 rig, one of 5 new projects put into operation in 2022
High production output is an important driving force for Petrovietnam’s very positive financial results in 2022 with total revenue of the entire Group and consolidated profit before tax reaching the highest record ever (including In previous years, oil prices were much higher than the average level in 2022). Total revenue of the entire Group completed the whole year 2022 plan 4 months ahead, in 11 months is estimated to reach 854 trillion VND, setting a new record since the establishment of the Group. The Group’s entire 2022 plan is completed 6 months in advance, totaling the first 11 months of 2022 is estimated at 134.5 trillion VND.
Other aspects of work have been actively implemented, achieving many outstanding results. The chain of links is increasingly effective, the Group’s units have focused on deploying/searching and enhancing exchanges on forms of cooperation and association to improve the value of using resources and assets. availability contributes to improving competitiveness and sustainable development. Scientific research, development and technology application activities are gradually shifting towards efficiency and making practical contributions to the Group’s business, growth and development. Petrovietnam has 03 typical projects and clusters of science and technology projects awarded the Ho Chi Minh Prize, 03 projects were awarded the State Prize for science and technology, accounting for more than 20% of the total awards of Petrovietnam. country. The implementation of the Petrovietnam Corporate Culture Regeneration Project continues to achieve positive results; 6 Oil and Gas units were honored as Enterprises meeting Vietnamese business culture standards, accounting for 25% of honored enterprises in the country. The Group also continues to affirm its consistent goals in digital transformation, accelerating the digital transformation process, to optimize production and business activities, enhance customer experience, enhance competitiveness and gain benefits. Practical benefits through digital transformation. Social security work is actively implemented with the total budget of the entire Group by the end of November 2022 reaching about 350 billion VND; The work of practicing savings and preventing waste through cost reduction reached 2 times more than the plan.
Petrovietnam has 03 typical projects and clusters of science and technology projects awarded the Ho Chi Minh Prize, 03 projects awarded the State Award for science and technology.
Concluding the meeting, Petrovietnam General Director Le Manh Hung directed production and business tasks in the remaining months of 2022 and prepared to enter 2023 in each field of activity. Specifically: Proactively follow macroeconomic fluctuations, Government direction and market developments, set goals and solutions for each field to make timely decisions in direction and regulation. onion; Focus on operating operations with the goal of continuing to maintain output; have strategies and tactics to promote investment activities for 2023, especially to remove obstacles in mechanisms and policies when the amended Petroleum Law No. 12/2022/QH15 is approved and institutionalized. full of major policies of the Party and State on strategic orientation for the development of Vietnam’s Oil and Gas industry, sustainable development of the marine economy as well as national energy development; Review key products and services to have appropriate development orientations, plans and strategies, optimize resources and management models; promote development and research to master offshore renewable energy technology;…
Petroleum production will complete the full year plan on November 23, 2022
General Director Le Manh Hung noted that the problem of global production decline, along with the uncertainties of the world’s geopolitical situation, public debt, inflation, interest rates… causing rapid increase in input prices is a factor. This huge problem has had a direct and clear impact on the Group’s production and business activities in the fourth quarter of 2022 and will continue to have an impact in 2023. Therefore, in addition to production solutions, it is necessary to focus on maintaining Maintain change management, cost management, and market solutions for the Group’s products and services; It is necessary to identify motivation and solutions to maintain the goal of stability and sustainable growth throughout the Group.
