MOSCOW (MRC) -- PetroVietnam reported crude oil output of 10.84 MMt in 2022, flat from a year earlier and 24% above its official target, Vietnam's Ministry of Industry and Trade said, as per Reuters.
The state-owned oil firm's output includes 8.98 MMt from domestic fields and 1.86 MMt from foreign fields, the ministry said in a statement on Tuesday, adding that its gas output rose 8.3% to 8.08 B cubic meters.
PetroVietnam's revenue rose 48% last year to USD39.72 B, a record high, the ministry said, adding that pre-tax profit rose 59% to 82.2 T dong.
In 2023, PetroVietnam will seek to expand its exploration and production activities and speed up its Block B Gas Project and the project to upgrade and expand its Binh Son refinery , its chairman Hoang Quoc Vuong said in a statement.
Vuong, however, said the company will face challenges this year, including a low increase in proven oil reserves, a strong global energy transition trend boosted by the Russia-Ukraine conflict and hurdles in implementing its investment projects.
Projects to develop Block B Gas and Blue Whale Gas complexes and expand Binh Son refinery "are facing difficulties and delays and need support measures from the authorities," he said, without elaborating.
We remind, Vietnam's largest oil refinery will complete repairs needed to fix a technical problem at its residual fluid catalytic cracking (RFCC) unit by Jan. 15. The 200,000-barrel-per-day Nghi Son Refinery and Petrochemical had a leak at the RFCC unit, the government said on Friday, adding the problem would reduce the refinery's output by 20%-25%. Nghi Son, which provides more a third of Vietnam's petroleum needs, is one of only two oil refineries in the country.