Hanoi (VNA)꧙ – In face of a global economic downturn, especially adverse fluctuations of oil prices, subsidiaries of the Vietnam Oil and Gas Group (Petrovietnam) have flexibly taken measures to adapt to market volatility and boost production and business activities.

The Petrovietnam Power Corporation (PV Power) said that in the first months of 2023, it has encountered numerous difficulties caused by rising material prices, inflationary pressure, and high production costs, considerably affecting its operations. By adopting effective measures for volatility management, cost optimisation, and stable, safe and efficient operations of power plants, the firm recorded total electricity output of more than 4 billion kWh in the first quarter (16% higher than the three-month target), and total revenue of over 7.9 trillion VND (335.8 million USD) (20% higher than the target and equivalent to 110% of that in the same period last year). Its electricity output is expected to reach almost 4.3 billion kWh in Q2. Ngo Huu Hai, General Director of the Bien Dong Petroleum Operating Company (BIENDONG POC), noted unpredictable developments in the global market, especially disrupted global supply chains, and the constantly huge gas demand in the domestic market have been directly impacting the firm’s operations. Thanks to the proactive implementation of different solutions, the company has surpassed production and business targets, he went on, elaborating that by the end of Q1, the gas output had reached 118% and the condensate production 149% of the respective quarterly plans. Meanwhile, its total revenue was equivalent to 126% of the quarterly plan and 29% of this year’s target. In the time ahead, BIENDONG POC will continue applying achievements of digital transformation and the Fourth Industrial Revolution to minimise expenses and improve production and business efficiency, Hai added. Likewise, the oil-equivalent exploitation output of the Petrovietnam Exploration Production Corporation (PVEP) stood at 0.89 million tonne during January - March, 7% higher than the quarterly target. The firm posted over 9.8 trillion VND in total revenue, equivalent to 34% of the yearly plan. For Q2, it hopes to record 0.91 million tonnes in the oil-equivalent exploitation output. It will also maintain volatility management, cost governance, and research of market volatility trends to conduct appropriate exploitation activities and, especially, grasp chances to boost money flows and profits. For 2023, the Binh Son Refining and Petrochemical JSC (BSR) targets 95.37 trillion VND in revenue, over 9.8 trillion VND in contribution to the state budget, more than 1.7 trillion VND in after-tax profit, and over 5.6 million tonnes of finished products. BSR General Director Bui Ngoc Duong said his company has implemented technological solutions to maximise its plant’s capacity, one of the contributors to revenue and profit increases. In case of crude oil-related difficulties, it will use intermediary fuels as an alternative. Besides, it can optimise the plant maintenance duration to boost profit. According to Petrovietnam General Director Le Manh Hung, the group’s total crude oil output reached 4.41 million tonnes in the first five months of 2023, 13.7% higher than the five-month target and equivalent to 47.5% of the yearly plan; gas exploitation output 3.42 billion cub.m, 21.2% higher than the five-month target and equivalent to 57.6% of the yearly plan; and petrol and oil production 6.3 million tonnes, 26.5% higher than the five-month target, equivalent to 56% of the yearly plan and up 18.1% from a year earlier. The abovementioned results demonstrated Petrovietnam and its subsidiaries’ enormous efforts in applying technical measures to simultaneously sustain exploitation output and ensure safety, he added./.