On Monday, Petrovietnam (PVN), the Vietnamese state energy group, presented its accomplishments for 2023, including the disclosure of two new oil and gas findings, to Prime Minister Pham Minh Chinh.
The group identified these discoveries at Block 16-2’s Ha Ma Vang-1X drilling well and Block PM3-CAA’s Bunga Lavatera-1 drilling well. Notably, these discoveries mark the first time in the past five years that PVN has achieved two new discoveries in a single year.
PVN also reported the successful completion and early commencement of operations for four oil and gas projects.
In 2023, its oil exploitation output reached 10.41 million metric tons, surpassing the year’s plan by 12.1 percent. Domestic production alone reached 8.63 million metric tons, reflecting a 3.9-percent decrease compared to 2022.
The company increased oil and gas reserves to 13 million metric tons in 2023, exceeding the year’s targets by 8.3 percent. It accomplished a gas exploitation output of 7.47 billion cubic meters and generated 23.07 billion kWh of electricity in 2023. Additionally, its fertilizer plants produced 1.76 million metric tons.
PVN’s petroleum production, excluding output from Nghi Son Refinery and Petrochemical LLC (NSRP) in north-central Thanh Hoa Province, reached 7.36 million metric tons, marking the highest record since the Dung Quat Oil Refinery in north-central Quang Ngai Province commenced commercial operation in 2009.
Revenue from the group’s service units amounted to VND94.4 trillion (US$3.8 billion). In 2023, the total revenue of the entire group reached VND942.8 trillion ($38.7 billion), surpassing the year’s plan by 39 percent. This figure represents an increase of VND11.6 trillion ($476.2 million) and is equivalent to 9.2 percent of the country’s gross domestic product (GDP). PVN contributed VND151.8 trillion ($6.2 billion) to the state coffers, constituting 9.4 percent of the total state budget revenue. The company achieved a profit of VND54.5 trillion ($2.2 billion) and saved over VND3 trillion ($123.2 million).
