Hanoi (VNA) – In the first half of 2025, the Vietnam National Industry - Energy Group (Petrovietnam) disbursed an estimated 20.6 trillion VND (785.47 million USD) in investment, marking a year-on-year increase of 31.2%.
The group plans to invest a total of 50.9 trillion VND this year, up 49.2% from 2024, with a focus on key sectors such as the gas industry and petrochemical refining. Its major projects this year include the Block B – O Mon gas project chain, oil and gas exploration, the Dung Quat Refinery upgrade and expansion, Nhon Trach 3 & 4 power plants, and various petroleum service projects.
On June 27, the Nhon Trach 4 Power Plant, part of Vietnam’s first LNG-fired power complex, was successfully connected to the national grid, initially generating 50 MW. This milestone marks the plant’s first electricity output during trial operation before full commercial deployment.
Further progress was made on June 30 when Petrovietnam’s Southwest Pipeline Operating Company signed contracts for two key offshore packages of the Block B – O Mon pipeline project. This completed the selection of all major contractors, paving the way for synchronised procurement and construction across the 430-km pipeline connecting Block B gas fields to the O Mon power plants.
Alongside strong investment disbursement, Petrovietnam maintained stable and efficient operations in the first half of the year.
Oil and gas exploration activities were on track, with an estimated one million tonnes of oil equivalent added to reserves. The Dai Hung Phase 3 field began commercial production on May 7, yielding over 6,900 barrels of oil per day, 20 days ahead of schedule. Two new Petroleum Sharing Contracts (PSCs) were also signed, marking a breakthrough after a long hiatus in new oil and gas agreements.
Petrovietnam’s production highlights in the first half of this year included 4.82 million tonnes of crude oil extracted; 2.99 billion cu.m of natural gas; 16.65 billion kWh of electricity, up 8% year-on-year; 950,200 tonnes of urea fertiliser; and 3.78 million tonnes of refined petroleum (excluding the Nghi Son Refinery), up 26.8%.
The estimated total revenue reached 510 trillion VND, with over 66.5 trillion VND contributed to the State budget. Cost-saving initiatives brought in 3.53 trillion VND, achieving 84.4% of the annual saving plan and nearly tripling last year’s figure.
At the recent mid-year review, Petrovietnam leaders emphasised efforts to navigate macroeconomic challenges, capitalise on favourable legal reforms, and build internal capacity in capital, technology, and governance.
As a pivotal year for implementing its development strategy through 2030, Petrovietnam aims to join the Fortune Global 500 and the top 10 regional energy groups.
In the second half of this year, the group will focus on accelerating exploration, boosting power and gas projects, expanding into LNG, hydrogen, and renewables, and strengthening international partnerships.
CEO Le Ngoc Son urged all subsidiaries to actively seek and execute new projects, apply innovation, and fully utilise regulatory flexibilities to fulfil government-assigned targets.
Chairman Le Manh Hung called for better integration across the gas-to-power chain, diversified markets, and expanded domestic and international cooperation for long-term competitiveness./.
