PM Pham Minh Chinh shakes hands with an employee of Song Hau 1 thermal power plant.

As a result, the group's total revenue during the January-July period is estimated at 23.4 billion USD, 64% higher than the plan and 56% higher than the figure in the same period of 2021.

These figures were released during the group’s recent monthly meeting chaired by General Director Le Manh Hung.

In the 2nd half of this year, Petrovietnam will continue to keep a close watch on market developments to optimise reserves and operate oil production efficiently to stay in the black.

The meeting was told that the world’s crude oil price dropped sharply last month and remains on a downward trend. The average price of Brent crude oil in July fell 9% month-on-month. In early August, the price continued to decline and fell to the lowest level since before the Russia-Ukraine conflict.

The average price of petroleum products last month also decreased by 13-22% compared to June. In addition, the mobilisation of gas-fueled power is still low compared to the plan, and in the coming months, demand for gas used in power generation is forecast to fall due to the rainy season. Priority will be given to mobilising hydroelectricity to power the electricity grid.

Monitoring the oil price frontier has helped PetroVietnam utilise accurate forecasts and execute timely and flexible responses to price adjustments. The group has promoted the effectiveness of resources in the value chain to minimise damage from negative impacts, seizing market opportunities when they arise, and maintaining stable production and business activities to achieve high efficiency.

General Director Hung said difficulties remain in the second half of the year, as the global economy has increasingly shown signs of recession. The group will continue following market and macroeconomic indicators, focusing on fluctuation governance, controlling risks of inflation to moderate oil production at optimal performance.

Petrovietnam and its affiliates are focusing on increasing reserves to achieve exploitation outputs at the highest level. They are also focused on intensifying solutions to expand the market, especially the market for gas products, oil refinery, fertilizers, and technical services. The group will continue to strengthen linkage chains and promote investment to control risks and take advantage of opportunities to increase scale and implement investment strategies and key projects.

In addition, Petrovietnam continues to carry out long-term scientific research and development projects, creating a steppingstone for the group's products and industries as the traditional field is affected by energy transitions.

The group will also focus on effectively implementing a digital transformation project, building smart factories, and building a big database.

In addition, it will continue to closely coordinate with relevant agencies to draft, appraise and complete the draft Petroleum Law (amended), and adjust legal documents for oil and gas activities to create a legal corridor for the industry to grow in the new context.