The global oil and gas industry faced many difficulties. Due to losses or decreased revenues, some major oil and gas corporations narrowed operations and manpower and even went bankrupt. Domestically, Vietnam has responded eff ectively and managed the Covid-19 epidemic, macroeconomic growth over the last 6 months was more stable than many countries in Southeast Asia. However, the socio-economic development indicators were at the lowest level compared to the same period of recent years.
Being the business that is most directly and heavily aff ected by the effects of the “double crisis”, over the last 6 months, with the highest spirit and determination, Vietnam Oil and Gas Group (PVN) has mobilized all resources to implement synchronously and eff ectively the Covid-19 pandemic double-response solution package and the deep fall in oil prices. Accordingly, all activities of the Group are ensured safe and there is no Covid-19 infection case. All units retain their normal business and production pace. Production units such as VSP, Rusvietpetro, Bien Dong POC, PVGas, PVFCCo, PVCFC, etc. completed and exceeded the production targets.
Additionally, the cash flow of the Group and its affi liates ensure smooth and stable liquidity, making an important contribution to the business and production activities to keep the development pace.
For the first time in the past 5 years, the coefficient of oil and gas reserves (between increasing reserves and production) has reached 1.19 times - ensuring a safe level for the Group’s sustainable development. Total oil production in the fi rst 6 months reached 10.73 million tons, surpassing 432,000 tons of oil regulation (exceeding 4.2%) in the 6-month plan and equal to 52.7% of the yearly plan, of which: Oil production in the first 6 months reached 5.92 million tons, exceeding 432,000 tons (exceeding 7.9%) in the 6-month plan. Gas production reached 4.81 billion m3, equaling 100% of the 6-month plan and 49.4% of the yearly plan; Electricity production reached 10.9 billion kWh, equaling 98.7% of the 6-month plan and 50.5% of the yearly plan; Nitrogen production in the first 6 months reached 962,400 tons, exceeding 114,800 tons (exceeding 13.5%) for the 6-month plan and equaling 61.6% of the year plan; Petrol and oil production in the whole 6 months reached 6.4 million tons, equaling 96.3% of the 6-month plan and equaling 54.2% of the yearly plan.
With positive results from production and business, PVN’s financial results have many positive results. The total revenue in the first 6 months of 2020 is VND 283,500 billion, contributing to the State budget is VND 32,000 billion.
PVN is determined to strengthen its grasp of market supply and demand forecasts, stick to the business goals of 2020, promote investment procedures and procedures to increase disbursement in the last months of the year, and continue promoting technology solutions to reduce costs, improve productivity, drastically implement packages of solutions to cope with the Covid-19 epidemic and deeply reduce oil prices to ensure the completion of the plan set for 2020, contributing to the overall development of the country’s economy.