Tuesday, December 3,2024 - 8:41 GMT+7  Việt Nam EngLish 

Business activities of oil and gas companies in June 2023 

 Monday, July 31,2023

AsemconnectVietnam - PV Drilling (PVD) completed 100% of the annual plan in 6 months; PV GAS estimates 6 months' profit after tax to reach more than VND6,000 billion; PVOIL (OIL) earned VND470 billion profit before tax in 6 months, reaching 78.3% of the year plan; PV Power’s revenue estimated at VND16,567 billion in 6 months, reaching 55% of the year plan.

PV Drilling (PVD)
Mr. Nguyen Xuan Cuong, General Director of PetroVietnam Drilling and well Service Corporation (code PVD - HOSE) said that the Company has completed 100% of the business plan registered with the General Meeting of Shareholders in 2023.
The above information was shared by Mr. Cuong at the recently extended Executive Board meeting between the 2020-2025 term and PV Drilling's summary of business activities in the first 6 months of 2023.
At the 2023 Annual General Meeting of Shareholders, PVD set a business plan with a target of total consolidated revenue of VND5,400 billion, a slight decrease compared to the previous year. However, consolidated profit after tax is expected to reach VND100 billion (while last year's loss was VND155 billion). The parent company expects to bring in VND120 billion.
Right in the first quarter of 2023, the Company recorded consolidated net revenue of VND1,226.6 billion, up 7% over the same period last year and VND52.3 billion in profit after tax, completing more than half of the year plan.
Mr. Nguyen Xuan Cuong added that with the optimistic signals of crude oil prices, the demand for rigs increased sharply while the supply of rigs was limited, and the unit price of services had also improved significantly.
According to previous information, PVD has arranged continuous and stable jobs for owned rigs in 2023 with service unit prices improved compared to 2022 for newly signed long-term contracts.
On May 16, PV Drilling's Board of Directors approved the plan to restructure the Corporation until 2025. On June 23, PVD announced the decision of the Board of Directors to terminate operations and cease establishing branches in Myanmar, Algeria, Malaysia, Thailand and Brunei to match the actual situation and license to operate in the host country.
In which, Brunei and Malaysia are two key markets of PVD. In the Brunei market, PV Drilling V is carrying out a drilling program under a contract with customer Brunei Shell Petroleum Company Sdn Bhd (BSP). This is PV Drilling's longest drilling contract with a term of 6 years, with 2 options for renewal with 2 years each.
In the Malaysian market, PVD is maintaining the PV Drilling III rig. The company is expected to expand its operations with 2-3 long-term jack-up rigs in the market in the near future, combining the provision of well technical services and package services.
PV GAS
In the meeting to update the business results of the first 6 months and the business orientation and plan for the last 6 months of the past year, the Board of Directors of Vietnam Gas Corporation (PV GAS) reported the estimated revenue and profit for the whole year of 2023.
Accordingly, PV GAS estimates the business result in 2023 with total revenue of VND89,496 billion, profit before tax is more than VND13,000 billion and profit after tax is VND10,412 billion.
Particularly in the first 6 months of the year, PV GAS is estimated to realize VND45,117 billion in revenue, equaling 117% of the plan. Profit after tax is estimated at VND7,542 billion, equaling 183% of the plan and profit after tax is estimated at VND6,035 billion, equaling 183% of the plan.
At the 2023 Annual General Meeting of Shareholders held on May 25, PV GAS' shareholders approved the 2023 plan with a revenue target of VND76,441 billion, down 24% compared to 2022; profit after tax decreased by more than 56%, to VND6,539 billion. Thus, after the first half of the year, PV GAS has completed 59% of the revenue plan and more than 92% of the full year profit after tax plan.
Also in the first 6 months of the year, PV GAS completed and exceeded most of the operating targets (output target exceeded by 3-15%; revenue exceeded by 13-17%; profit before tax and after tax exceeded by 81-83%; payment to the State budget exceeded by 57-60%).
Receiving over 4.1 billion m3 of moist gas, producing and supplying over 3.9 billion m3 of dry gas; production of 46.4 thousand tons of condensate; producing and trading nearly 1.1 million tons of LPG (for export and international trading of nearly 0.3 million tons).
In the second half of the year, PV GAS will focus on the main groups of tasks related to operation and safety; develop the market, increase the consumption of gas and LNG; formulating mechanisms, policies, charges, gas purchase and sale contracts; implementing key projects, deep processing, value chain linkage; carry out restructuring, strengthen predictive analysis, improve governance/administration; digital transformation and building ERP system; do brand promotion...
As part of the gas market development plan and strategy in Vietnam, on July 10, 2023, PV GAS will receive the first LNG ship to dock at Thi Vai Warehouse, Ba Ria - Vung Tau province. The ship Maran Gas Achilles (Greek nationality) carried nearly 70,000 tons of LNG from Bontang port - Indonesia to Thi Vai LNG Terminal - Vietnam.
Up to this point, LNG Thi Vai Terminal Warehouse is the first LNG complex with the largest and most modern scale in Vietnam, with a capacity of 1 million tons of LNG per year through the warehouse in phase 1, and upgraded to 3 million tons of LNG/year in phase 2. The Thi Vai LNG warehouse project has been invested by PV GAS in construction since 2019, receiving LNG ships with a capacity of up to 100,000 tons, with 180,000 m3 LNG storage tanks and most advanced technological equipment, meeting Vietnamese and international standards and regulations; ensure safe operation according to the Ship-Shore Compatibility Study.
PVOIL (OIL)
At the meeting to review the work between the 2020 - 2025 term, Vietnam Oil Corporation - PVOIL (OIL code - UPCoM) announced the results of production and business activities in the first 6 months of 2023.
The Board of Directors assessed that many targets of the production and business plan (2021 - 2025) were completed with a high rate, over 50% compared to the plan for the whole term.
Specifically, crude oil exports and crude oil sales to BSR reached 21.8 million tons (reaching 67%); petroleum trading reached 9.68 million m3/ton (53%); total consolidated revenue reached VND206.6 trillion (reaching 71.2%); total consolidated pre-tax profit reached VND2,310 billion (reaching 75%); new development of 108 petrol stations (reaching 67.5%).
In terms of business results in the first 6 months of 2023, the main production and business targets achieved a high rate compared to the whole year plan. In which, petroleum trading output reached 2,465 thousand m3/ton. Accordingly, PVOIL's consolidated revenue reached VND43,478 billion; consolidated pre-tax profit reached VND470 billion; Consolidated state budget payment reached VND4,673 billion.
At the 2023 Annual General Meeting of Shareholders, OIL shareholders approved the 2023 plan with a total consolidated revenue of VND50,000 billion; consolidated profit before tax VND600 billion.
Thus, after the first 6 months, the Company has completed approximately 87% of the revenue plan and 78.3% of the year profit plan.
In addition, PVOIL continues to promote comprehensive technology application, automation and digital transformation with the goal of increasing business efficiency, improving customer experience and creating competitive advantages on the market.
In the first 6 months of the year, sales volume through PVOIL Easy channel reached more than 60 thousand m3, completing 60% of the year plan, averagely 332 m3/day, up 34% over the same period. The whole Corporation has developed 44 new petrol stations, reaching 86% of the year plan; bringing the total number of petrol stations in the whole system to 699 petrol stations. At the same time, member units have promoted the operation efficiency of nearly 300 Vinfast electric vehicle charging stations at PVOIL petrol stations nationwide...
PV Power (POW)
The above information was said by Mr. Nguyen Dinh Thi, Head of Planning Department of PetroVietnam Power Corporation - PV Power (POW code - HOSE) at the Conference on preliminary review of production and business activities in the first 6 months of the year and implementing the plan for the last 6 months of 2023.
Mr. Nguyen Dinh Thi said that in the first 6 months of the year, PV Power's total electricity output reached 8,310 million kWh, reaching 107% of the plan. Total revenue of the Corporation is estimated at VND16,567 billion, equal to 112% of the plan.
According to POW, in the first 6 months of the year, a number of plants did not achieve the contracted power output (Qc) assigned due to many objective reasons. Hydroelectric power plants are in a state of water shortage, gas sources are also in short supply, Unit 1 at Vung Ang 1 Thermal Power Plant has a problem and especially PV Power's debt recovery from the Electricity Group Vietnam (EVN) is extremely difficult, up to now, the total amount of outstanding debt has been approximately VND13,000 billion.
In 2023, POW sets a plan based on the oil price option at 70 USD/barrel. Accordingly, POW sets a production target of 15.6 billion kWh, an increase of approximately 10% compared to 2022. Total revenue of the Corporation is expected to reach VND30,332 billion, up 5.3% compared to 2022. Thus, in the first half of the year, POW has completed approximately 55% of the annual revenue plan.
In the last 6 months of 2023, PV Power expects the electricity output target to be 7,838 million kWh, the total revenue of the Corporation is estimated at VND11,627 billion.
At the same time, the Corporation continued to carry out production and business activities such as meeting the demand for electricity mobilization; manage production, maintenance and repair of power plants to ensure high availability of equipment, maximum mobilization of capacity, safety and efficiency; continue to implement the procedures related to the projects: Nhon Trach 3 and Nhon Trach 4; LNG gas power plant, Luang Prabang.
Regarding the progress of the leveling package at Nhon Trach 3 and 4 Thermal Power Projects, POW is in the final settlement phase under the contract, reaching 180/205 billion, estimated value of the package is 235 billion. For the EPC package that is being implemented well, following the schedule, Nhon Trach 3 Power Plant is expected to generate commercial power in November 2024 and commercial power generation Nhon Trach 4 Power Plant around May 2025.
Mr. Le Nhu Linh, General Director of POW said, the task in the last 6 months of 2023 is extremely difficult; PV Power needs to focus and drastically implement the assigned tasks, ensuring the set goals.
For production and business work, Mr. Linh suggested that the leaders of the units cooperate with local leaders and the specialized boards of the Corporation; proactively propose initiatives, balance fuel sources, predict future risks... in order to strive for the highest power output, meeting the demand for electricity mobilization in the North.
For investment work, PV Power continues to solve problems and difficulties for Nhon Trach 3 and Nhon Trach 4 projects, office building purchase projects... and opens up new opportunities for PV Power. RECs are considered mission critical.
N.Nga
Source: VITIC/Tinnhanhchungkhoan
 

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