Illustrative image (Photo: VNA) Hanoi (VNA) - The Vietnam Oil andGas Group (PetroVietnam) sustained its production and business activities inthe first eight months of 2020 despites many oil and gas firms around the worldstruggling with the “dual crisis” of COVID-19 and prolonged low oil prices.
The picture of the global oil and gas industrysince the beginning of the year has become bleaker than ever.
With the COVID-19 crisis triggering a nosedivein oil prices, BP - a British multinational oil and gas company - forecast theoil market will be in deep recession for a long time and decided to sell 20billion USD worth of assets, especially in the field of exploration.
Saudi Aramco, an oil giant from Saudi Arabia,lost 50 percent of its profit in the first half of 2020 while suspending a dealto build a 10 billion-USD refining and petrochemical complex in China.
Meanwhile, the US’s ExxonMobil - one of theworld’s largest oil and gas companies - was recently removed from the Dow JonesIndustrial Average and is facing a budget deficit of 48 billion USD in 2021. Itis predicted to suffer about 1.9 billion USD in losses this year after postingtwo consecutive quarterly losses for the first time in its history.
Data from the International Energy Agency (IEA)show that investment in global oil and gas activities in 2020 has fallen 30percent to 328.4 billion USD, while noting that oil and gas businesses have hadto cut investment amid tumbling revenue.
PetroVietnam, one of those with extensiveinternational integration, was no exception.
During the first eight months of this year, complexdevelopments from COVID-19 greatly affected its performance in most fields itoperates in.
Braving the difficulties, PetroVietnam stillmanaged to maintain its key production and business activities, with oil andgas exploitation surpassing 8.2 percent of the target and State budget contributionsnearing 45 trillion VND, while the supply of key commodities for the economy wasensured during the period.
These figures stand out amid the gloomy pictureof the global oil and gas industry, which is currently under pressure from bothdeclining demand and increasing supply.
PetroVietnam has undergone a number of tryingtimes, but many experts and insiders say this current period is the mostdifficult in its history. But it still stands firm.
As a pillar of the economy assigned majorresponsibilities by the Party, the State, and the people, PetroVietnam and itsstaff, with a tradition of dedication and trained in hardships, have graduallyweathered the difficulties to fulfil their duties.
Exerting efforts to create and maintain cohesionin the group’s staff, its leaders have identified the problems faced to shareknowledge and experience, warn of risks, and encourage one another to togetherovercome the challenges, thereby building up trust, harmonious coordination,and unanimity in its apparatus for the sake of the group’s development.
PetroVietnam believes that it will achievetargets set for 2020 over the remaining months of the year, as it hasthoroughly geared up solutions and resources to be ready to cope with the “dualcrisis”.
Among the eight groups of solutions it has identifiedto deal with the current circumstances, two are being implemented in aproactive, concerted, and drastic manner.
The first includes improving the quality ofcorporate governance, boosting decentralisation, overhauling its documentsystem and internal management regulations, stepping up digitalisation, and promotingrisk governance. Meanwhile, the second covers capitalising on technologicalsolutions to lower expenses and improve productivity, and reducing and delayingspending on non-urgent activities to minimise production costs.
At a working session with PetroVietnam onSeptember 10, Permanent Deputy Prime Minister Truong Hoa Binh stressed that thegroup has the responsibility for helping guarantee national energy security andserving as a locomotive for national development. It is an economic pillar ofthe country, acts as a tool of the Government in regulating the macro-economy,and makes substantial contributions to the State budget.
He noted that PetroVietnam can be proud ofitself, becoming a major brand name in the country and the world with a scientific-technologicalcapacity comparable to other groups in developed nations, and boasting highcompetitiveness.
Applauding it overcoming difficulties and postingimpressive production and business results, the Deputy Prime Minister said thatState-owned enterprises have a substantial role to play in Vietnam reaching the2020 growth target, and PetroVietnam’s contributions are of criticalimportance./.
The picture of the global oil and gas industrysince the beginning of the year has become bleaker than ever.
With the COVID-19 crisis triggering a nosedivein oil prices, BP - a British multinational oil and gas company - forecast theoil market will be in deep recession for a long time and decided to sell 20billion USD worth of assets, especially in the field of exploration.
Saudi Aramco, an oil giant from Saudi Arabia,lost 50 percent of its profit in the first half of 2020 while suspending a dealto build a 10 billion-USD refining and petrochemical complex in China.
Meanwhile, the US’s ExxonMobil - one of theworld’s largest oil and gas companies - was recently removed from the Dow JonesIndustrial Average and is facing a budget deficit of 48 billion USD in 2021. Itis predicted to suffer about 1.9 billion USD in losses this year after postingtwo consecutive quarterly losses for the first time in its history.
Data from the International Energy Agency (IEA)show that investment in global oil and gas activities in 2020 has fallen 30percent to 328.4 billion USD, while noting that oil and gas businesses have hadto cut investment amid tumbling revenue.
PetroVietnam, one of those with extensiveinternational integration, was no exception.
During the first eight months of this year, complexdevelopments from COVID-19 greatly affected its performance in most fields itoperates in.
Braving the difficulties, PetroVietnam stillmanaged to maintain its key production and business activities, with oil andgas exploitation surpassing 8.2 percent of the target and State budget contributionsnearing 45 trillion VND, while the supply of key commodities for the economy wasensured during the period.
These figures stand out amid the gloomy pictureof the global oil and gas industry, which is currently under pressure from bothdeclining demand and increasing supply.
PetroVietnam has undergone a number of tryingtimes, but many experts and insiders say this current period is the mostdifficult in its history. But it still stands firm.
As a pillar of the economy assigned majorresponsibilities by the Party, the State, and the people, PetroVietnam and itsstaff, with a tradition of dedication and trained in hardships, have graduallyweathered the difficulties to fulfil their duties.
Exerting efforts to create and maintain cohesionin the group’s staff, its leaders have identified the problems faced to shareknowledge and experience, warn of risks, and encourage one another to togetherovercome the challenges, thereby building up trust, harmonious coordination,and unanimity in its apparatus for the sake of the group’s development.
PetroVietnam believes that it will achievetargets set for 2020 over the remaining months of the year, as it hasthoroughly geared up solutions and resources to be ready to cope with the “dualcrisis”.
Among the eight groups of solutions it has identifiedto deal with the current circumstances, two are being implemented in aproactive, concerted, and drastic manner.
The first includes improving the quality ofcorporate governance, boosting decentralisation, overhauling its documentsystem and internal management regulations, stepping up digitalisation, and promotingrisk governance. Meanwhile, the second covers capitalising on technologicalsolutions to lower expenses and improve productivity, and reducing and delayingspending on non-urgent activities to minimise production costs.
At a working session with PetroVietnam onSeptember 10, Permanent Deputy Prime Minister Truong Hoa Binh stressed that thegroup has the responsibility for helping guarantee national energy security andserving as a locomotive for national development. It is an economic pillar ofthe country, acts as a tool of the Government in regulating the macro-economy,and makes substantial contributions to the State budget.
He noted that PetroVietnam can be proud ofitself, becoming a major brand name in the country and the world with a scientific-technologicalcapacity comparable to other groups in developed nations, and boasting highcompetitiveness.
Applauding it overcoming difficulties and postingimpressive production and business results, the Deputy Prime Minister said thatState-owned enterprises have a substantial role to play in Vietnam reaching the2020 growth target, and PetroVietnam’s contributions are of criticalimportance./.
VNA
