Dung Quat Oil Refinery Plant

According to Petrovietnam, the production and business outcomes for May and the first five months of 2023 consistently demonstrated noteworthy growth.

In May 2023, crude oil production surged to 0.92 million tons, surpassing the monthly target by 15.6% and marking a 2.6% increase from April 2023. This achievement aligns with the performance of the corresponding period in 2022. For the first five months of 2023, the Group's total crude oil production is projected at 4.41 million tons, surpassing the five-month plan by 13.7% and constituting 47.5% of the annual target.

Domestic crude oil production achieved a milestone of 0.77 million tons, outstripping the monthly target by 18.5% and demonstrating a 3% increase from April 2023. Notably, this also marked a growth of 0.8% compared to the corresponding period in 2022. Over the first five months, domestic crude oil production soared to 3.66 million tons, surpassing the five-month plan by 16.3% and constituting 48.6% of the annual target.

In May 2023, gas production achieved a significant milestone, reaching 0.73 billion m3, surpassing the monthly plan by an impressive 24.5%. This marked a 0.6% increase from April 2023 and a remarkable 78.5% growth compared to the same period in 2022. Over the first five months of 2023, the Group's total gas exploitation is estimated at 3.42 billion m3, surpassing the five-month plan by 21.2% and constituting 57.6% of the annual target.

These results show Petrovietnam's strong efforts to maintain production despite the natural decline in many of Vietnam's major fields. They also highlight the effectiveness of Petrovietnam and its subsidiaries in using technical measures to sustain production while prioritizing mining safety.

Bach Ho Oilfield

In May, domestic petroleum production, including in Nghi Son Refinery and Petrochemical LLC, reached 1.47 million tons, surpassing the monthly plan by 50.4%. This represented a 12.3% increase from April 2023 and a notable growth of 32.6% compared to the same period in 2022. Over the first five months, petroleum production totaled 6.3 million tons, surpassing the five-month plan by 26.5% and constituting 56% of the annual plan. The growth rate compared to the same period in 2022 was 18.1%.

Despite the risk of power shortages, Petrovietnam has made significant strides in electricity production, notably with the commissioning of the Thai Binh 2 Thermal Power Plant. In May, Petrovietnam generated 2.77 billion kWh, meeting 100% of the monthly goal and showing a 7.8% increase from April 2023. Over the initial five months, the Group's total electricity production reached 10.03 billion kWh, surpassing the five-month plan by 1%, constituting 42.5% of the annual plan, and experiencing a substantial 46.6% growth compared to the same period in 2022.

Through ongoing expansion and value chain improvement in the oil and gas industry, Petrovietnam has evolved into a robust domestic and international economic group. It functions as a vital tool for the government's macroeconomic regulation, playing a crucial role in securing energy, food, and economic stability, as well as national defense. The group's key commodities—crude oil, gas, electricity, and petroleum—serve as essential inputs for various sectors in the economy. Petrovietnam's ability to sustain growth and ensure the supply of these strategic commodities establishes a foundation for other industries. This responsibility is fully embraced and accomplished by Petrovietnam and its workforce, who consistently excel in their duties.