Discovery of 2 new oil fields, increasing reserves to 13 million tons.

On the afternoon of January 8th, Prime Minister Pham Minh Chinh attended the conference to summarize the work of 2023 and deploy the tasks for 2024 of the Vietnam National Oil and Gas Group (PVN).

Prime Minister Pham Minh Chinh – Photo: VGP

According to the report of PVN, in 2023, most of the production and business targets in 5 sectors were completed beyond the planned level, with many new records; the oil reserves increased to 13 million tons, exceeding the 8.3% target for the year.

PVN made 2 new oil discoveries in Block 16-2 and Block PM3-CAA; completed and put into operation 4 oil/gas mines/facilities early. The oil production reached 10.41 million tons, exceeding the plan by 12.1%, with domestic production alone reaching 8.63 million tons, a decrease of 3.9% compared to 2022. PVN stated that this is the lowest decrease compared to previous periods.

The gas production reached 7.47 billion cubic meters, and the total electricity output of the group reached 23.07 billion kWh. The nitrogen plants reached 1.76 million tons. Petroleum production (excluding NSRP) reached 7.36 million tons – the highest record level since the Dung Quat Oil Refinery went into commercial operation. The revenue of the service unit reached 94.4 trillion dong.

As a result, in 2023, the total revenue of the entire group reached 942.8 trillion dong, exceeding the annual plan by 39%, higher by 11.6 trillion dong, equivalent to 9.2% of the country’s GDP. Budget contributions reached 151.8 trillion dong, accounting for 9.4% of the total state budget revenue. The profit reached 54.5 trillion dong, saving 3.072 trillion dong.

While highly appreciating the achieved results, Prime Minister Pham Minh Chinh emphasized that the oil and gas industry should not be complacent with the achieved results, not subjective or neglectful, as there is still much work to be done.

Accordingly, there is a need to continue innovating thinking, strategic vision, and mobilizing comprehensive strength. Emphasis should be placed on and strengthening investment, research and development (R&D) to take advantage of new opportunities, have new products, especially in the development of the renewable energy industry, digital transformation, green conversion, and sustainable development; promote decentralization, devolution of power along with resource allocation.

The head of the Government also noted the group of solutions on smart governance, closely monitoring the situation to effectively manage fluctuations, focusing on forecasting work, evaluating potential, and growth drivers.

Regarding finance and investment, it is necessary to maintain a healthy financial structure, balance resources, timely handle difficulties and obstacles, and ensure the progress and effectiveness of key projects in the energy and oil and gas industries, especially the gas-fired power project Block B – O Mon, Nhon Trach 3, 4 power plant projects (completed by the end of 2024, early 2025), upgrading and expanding the Dung Quat Oil Refinery, Ca Mau nitrogen power plants…

Coordinating with foreign partners to remove difficulties, improve the efficiency of operations of the Nghi Son Oil Refinery, restarting the Long Phu 1 thermal power project; researching new projects to create new products, enhance the oil and gas value chain.

Source: NGOC AN (tuoitre.vn)