PVEP completes business targets for year

PVEP overcomes difficulties to complete the business targets for the whole year

The news was shared by PetroVietnam CEO Le Manh Hung at a conference summarising the company's work in 2023 and implementing tasks in 2024 held in Hanoi on December 20.

In 2023, in the context of many challenges in the world’s oil and gas market, PVEP focused on maintaining fluctuation management, cost management, promoting initiatives and inventions, and simultaneously focused on operating exploiting, and implementing investment activities.

PVEP exceeded the main production and business targets. In particular, PVEP ensured continuous safe production and business operations for 15 years since its establishment.

By the end of November 2023, PVEP achieved the assigned targets for the whole year. In particular, the target for increasing reserves was completed 50 days early compared to the deadline, the converted oil and gas exploitation output was finished 41 days before the deadline, and the financial targets were achieved up to 227 days earlier compared to the initial expectation.

Specifically, exploitation output reached 3.66 million tonnes of oil equivalent, exceeding 15 per cent of the parent company's plan and reaching all of the management target. Of which, oil and condensate output is 2.47 million tonnes, reaching 111 per cent of the plan set for 2023.

2023 is the 14^th consecutive year that PVEP has completed the annual exploitation output plan assigned by PetroVietnam. In February, PVEP reached the milestone of one billion barrels of oil production (since the date of establishment).

In 2023, PVEP's reserve reported an increase of 3.72 million tonnes of oil equivalent, which is also PVEP's highest annual reserve increase since 2016. This result is a special achievement in the context of a natural decline in output at currently exploited mines.

PVEP also actively implements tasks at key projects, such as Dai Hung-Phase 3, Su Tu Trang-Phase 2B, Block B project chain, Blue Whale, BRS mine-Phase 2, and other key projects.

PVEP acquired total revenue of $1.75 billion, equalling 146 per cent of PetroVietnam's assigned plan and 122 per cent of the management target.

The state budget payment was $763.7 million, of which PVEP’s tax payment was $518.98 million, or 159 per cent of the assigned plan.

PVEP was also named one of the Top 10 most profitable enterprises in Vietnam in 2023. At the same time, for the 10th consecutive year, PVEP was ranked at the top of the greatest corporate taxpayers in Vietnam.

General Director Le Manh Hung noted that in 2024, the world and domestic markets and economies will continue to have many difficulties.

"PVEP needs to set more pressured goals than in 2023 to have growth momentum, contribute to realising PetroVietnam's growth goals as well as contribute to the country's economic growth. PVEP needs to innovate management and old motivations, apply science and technology, and patent initiatives to improve efficiency and the output of existing mines,” Hung said.

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