Hanoi (VNA) – The Vietnam National Industry - Energy Group (Petrovietnam) outperformed all six of its core production and business targets in the first four months of 2026, reinforcing its role as a key pillar of national energy security amid continued volatility in global energy markets.
The group maintained stable supplies of crude oil for domestic refineries as well as essential petrol and gas products, thus helping to stabilise the domestic market and support economic growth.
Despite mounting uncertainties in global energy prices and supply chains, Petrovietnam sustained high-capacity and uninterrupted operations at Dung Quat Oil Refinery and Nghi Son Refinery and Petrochemical Plant. The group also accelerated the development of new oilfields and applied technological solutions to optimise production at existing fields.
Alongside production efforts, Petrovietnam actively proposed mechanisms and policies aimed at diversifying crude oil supply sources to ensure adequate feedstock for the country’s two major refineries and meet growing domestic fuel demand.
Thanks to these efforts, all six major business indicators exceeded planned targets during the January-April period, including crude oil and gas exploitation, electricity generation, petrol production and fertiliser output.
Crude oil production posted particularly strong growth, rising 14.3% year-on-year in the first four months. In the first quarter alone, total crude oil output reached 2.63 million tonnes, up 10.4% from the same period in 2025.
Its upstream subsidiaries, including PetroVietnam Exploration Production Corporation (PVEP) and Vietsovpetro joint venture, maintained stable and efficient operations while ensuring safety standards. Their performance helped secure crude oil supplies for domestic refining activities.
PVEP reported first-quarter production of 1.08 million tonnes of oil equivalent, marking a sharp increase of 136% year-on-year.
Petrovietnam and its partners in April also signed an agreement for the development of the Nam Du - U Minh gas field cluster. The project is estimated to hold reserves of around 4.44 billion cubic metres of gas and is expected to supply about 700 million cubic metres annually.
Once operational, the gas source is projected to meet roughly 30% of gas demand in Ca Mau province while providing an important supply source for the southwestern region from late 2028 through 2035.
In the refining and petrochemical segment, the Binh Son Refining and Petrochemical JSC (BSR) continued operating the Dung Quat refinery at exceptionally high capacity, averaging 124-125% of designed capacity. The level was considered optimal for maximising output while maintaining operational safety.
The BSR produced more than 1.99 million tonnes of refined products in the first quarter, contributing significantly to domestic fuel supply and market stability. The company also worked with the Vietnam Oil Corporation (PVOIL) to accelerate the rollout of E10 biofuel nationwide. The two sides are building an integrated production and distribution chain to ensure broad market supply from May 2026.
Meanwhile, PVOIL posted robust growth in fuel trading, with first-quarter sales exceeding 1.6 million cubic metres/tonnes, up 27.7% year-on-year. The company also expanded imports despite higher costs in order to maintain stable supply and added 39 new petrol stations, bringing its nationwide network to 988 outlets.
Petrovietnam said it will continue striving to meet the highest possible targets in May and the second quarter, laying the groundwork for fulfilling its 2026 business plans while maintaining its leading role in ensuring national energy security and supporting the nation's economic growth./.
