Prime Minister Pham Minh Chinh ordered the Vietnam Oil and Gas Group (PetroVietnam) to take measures to ensure national energy security at a conference held on January 10 to review the group’s 2022 activities and launch tasks for 2023.

PetroVietnam was advised to safely and effectively operate its oil and gas projects to meet domestic demand for oil and gas, electricity, and fertilizer.

The government leader also instructed PetroVietnam to focus on digital transformation and energy transition and to work closely with relevant ministries and agencies to ensure national defense and economic security in oil and gas activities.

PetroVietnam’s crude oil exploitation hit a record 8.98 million tons in 2022, 28 per cent higher than the target. Its production and export of fertilizer reached 1.88 million tons and 606,000 tons, respectively. Gasoline production met about 75 per cent of domestic demand.

The group posted total revenue of VND931.2 trillion ($40.4 billion), with pre-tax profits surpassing $82 trillion ($3.44 billion) and VND170.6 trillion ($7.2 billion) contributed to the State budget.

It also put the Song Hau 1 and Thai Binh 2 power projects into operation, accelerated the progress of thermal and gas power projects, and expanded the Dung Quat Oil Refinery.

This year, the group targets exploiting 9.29 million tons of oil and 5.94-8.11 billion cu m of gas, producing 1.6 million tons of fertilizer, and generating 24 billion kWh of electricity.

It is expected to earn revenue of nearly VND678 trillion ($28.5 billion).