PetroVietnam’s eye catching results

It had turned heads by outperforming most business targets, except the target relevant to petroleum production, in 2012, according to the group’s deputy general director Le Minh Hong.

Particularly, the group was ahead of schedule by three months in fulfilling oil and gas exploration targets, whereas it finished oil extraction goal 19 days earlier and gas exploitation 12 days prior to schedule.

PetroVietnam also did a good job in respect to power and fertiliser production which were 26 and 20 days earlier than scheduled, respectively.

Notably, PetroVietnam achieved its full-year revenue target one month earlier and tax contribution two months before schedule with a year-on-year growth compared to in 2011.

Its executives had attributed its achievements to higher crude oil prices in the world marketplace at 1.7 per cent more or $117.6 against $115.6 per barrel and contributions from its major businesses parallel to its core oil and gas exploration and extraction functions. For instance, petroleum services companies reported revenue 13 per cent more than in 2011 which made up over 30 per cent of its total revenue.

In 2012, PetroVietnam explored 48 million tonnes of oil and gas equivalent, tantamount to 137 per cent of the projection, inked five new contracts (one abroad), made two new oil and gas field discoveries Kinh Ngu Trang (White Whale) and Tho Trang (White Rabbit), and tapped four local an three overseas oil and gas fields.

To ramp up investment efficiency and accelerate pace of major projects, last year PetroVietnam decided on delaying and extending progress targets of 24 investment projects valued more than VND11 trillion ($532 million) to inject capital into its major projects.

Generally, the group finalised 87 per cent of its investment plant equal to VND90.7 trillion ($4.3 billion) and completed 96 per cent of disbursement plan tantamount to VND89.5 trillion ($4.26 billion). PetroVietnam wrapped up investment and put into use 53 projects in 2012.

Significantly in 2012, the petroleum sector’s member units handed a wide range of measures to reduce costs and practice thrift. Consequently, the group saved VND5.104 trillion ($243 million) in 2012 against a VND3.715 trillion ($177 million) projection, reaching 137 per cent of the plan.

Responding to the government’s state-owned enterprises restructuring commitment to bolster business efficiency, PetroVietnam inked the group’s shake up plan for 2012-2015 which was submitted to the Ministry of Industry and Trade for appraisal and reported to the government for approval.

To tackle hardships in 2013, PetroVietnam’s management is set to be consistent with handling breakthrough solution packages relevant to management, science-technology and human resources development and scale up support to member units to address production and business woes in a timely manner with a view to outperforming all set plans.