Petrovietnam rakes in $19.5 bln in H1 revenue

State-owned Petrovietnam reported total revenue of VND510 trillion ($19.5 billion) in the first half of this year, driven by strong production performance.

The group contributed VND66.5 trillion ($2.54 billion) to the state budget during the period.

In H1, PetroVietnam produced 4.82 million tons of crude oil and 2.99 billion cubic meters of natural gas. Meanwhile, its electricity output reached 16.65 billion kWh.

Petroleum output stood at 3.78 million tons (excluding production from the Nghi Son refinery), exceeding the H1 target by 12.6%. Fertilizer production totaled 950,200 tons.

In H1, the group disbursed an estimated VND20.6 trillion ($788.09 million) in investment, up 31.2% year-on-year. Alongside robust capital disbursement, PetroVietnam maintained stable and efficient operations throughout the period.

Oil and gas exploration activities progressed as planned, with an estimated one million tons of oil equivalent added to reserves. The Dai Hung Phase 3 field began commercial production on May 7, delivering over 6,900 barrels of oil per day, 20 days ahead of schedule.

Two new petroleum sharing contracts (PSCs) were also signed, marking a significant breakthrough after a prolonged hiatus in new oil and gas agreements.

In H2, Petrovietnam will prioritize accelerating exploration, advancing power and gas projects, expanding into LNG, hydrogen, and renewable energy, and strengthening international partnerships.

The group plans to invest a total of VND50.9 trillion ($1.95 billion) in 2025, up 49.2% from 2024, with a strong focus on key sectors such as the gas industry and petrochemical refining.

Major projects for the year include the Block B-O Mon gas project chain, oil and gas exploration activities, the Dung Quat Refinery upgrade and expansion, the Nhon Trach 3 and 4 power plants, and various petroleum service initiatives.