PM hails PetroVietnam’s contributions to national energy security

Hanoi (VNA) – Prime Minister Nguyen Xuan Phuc has applauded the Vietnam National Oil and Gas Group (PetroVietnam) for its noted contributions to ensuring national energy security.

At a working session with PetroVietnam’s leaders on April 22, the PM said in recent years, the group has significantly contributed to national industrialisation and modernisation, State budget collection, as well as the country’s socio-economic development.

He asked the group to effectively actualise the Politburo’s Resolution No. 41-NQ/TW on a development strategy for the oil and gas industry through to 2025 with a vision towards 2035.

The resolution charts major tasks for the sector, including oil and gas exploration, exploitation and processing; product reserving and distribution; and oil and gas services, particularly high-quality technical ones.

PetroVietnam’s leaders and staff were also urged to do their utmost to overcome shortcomings and limitations to ensure the group’s stable development.

PetroVietnam should join hands with ministries and agencies to review regulations and rules in order to improve the efficiency of State management and business administration, increase the application of scientific and technological advances, and propose comprehensive solutions to fulfill tasks assigned by the Party, State and people.

PM Nguyen Xuan Phuc noted his belief that with its traditions and achievements, the group will make bigger strides in the future.

As one of the country’s important economic and technological groups, PetroVietnam is focusing on five key areas of operation - oil and gas exploration and production; refinery and petrochemicals; the gas industry; power generation; and high-quality petroleum technical services.

Reportedly, the group exploited a total of 4.56 million tonnes of crude oil and 2.78 billion cubic metres of gas in the first three months of this year, 7.2 percent and 11.7 percent more than its quarterly targets, respectively.

It also provided 5.21 billion kWh of electricity for the national power grid and contributed more than 18.3 trillion VND (824 million USD) to the State coffer.

However, the group has encountered a range of challenges, especially in oil and gas exploration, exploitation and services.

Given this, its leaders have created specific and far-reaching solutions to cope with the fluctuating oil price.

In a parallel effort, PetroVietnam has increased the application of cutting-edge technologies in order to cut production costs and raise its competitive edge while seeking new markets, especially those outside the sector and abroad.-VNA