Petrovietnam posts 3-fold profit increase in 2022

State-run giant Petrovietnam recorded a consolidated pre-tax profit of VND82 trillion ($3.49 billion) in 2022, 3.3 times higher than its target and up 60% year-on-year.

Its total revenue reached VND931 trillion ($39.67 billion), exceeding its plan by 67% and up 48% year-on-year, chairman Hoang Quoc Vuong said at a government conference mid this week.

The oil and gas group paid more than VND170 trillion ($7.24 billion) to the state budget, 2.64 times higher than the year plan and up 52% year-on-year.

The Petrovietnam's (PVN) leader said that the group's oil and gas reserves reached nearly 17 million tons of oil equivalent in 2022, exceeding its plan by 21% and up 26% year-on-year.

Domestic oil and gas exploitation output hit 9 million tons, exceeding its target by 28% and equivalent to 2021.

“In recent years, PVN's oil field investment and development have been limited, with yearly exploitation output usually 8-12% lower than the previous year. In the period of 2021-2022, although there were no new oil and gas fields, with technical measures, the group maintained a domestic and foreign exploitation output of over 10 million tons," Vuong said.

Other activities like production of protein, gasoline and oil rose from 9-26% compared to 2021.

Regarding plans for 2023, the group is looking to implement major projects like upgrading and expanding the Dung Quat Oil Refinery, a Petrovietnam unit, and the Block B Gas project to meet the energy requirements for domestic development.

These are all large projects that should have been completed a long time ago, but due to various reasons, they have been delayed.