HÀ NỘI — In the first half of 2025, the Vietnam National Industry - Energy Group (Petrovietnam) disbursed an estimated VNĐ20.6 trillion (US$785.47 million) in investment, marking a year-on-year increase of 31.2 per cent.

The group plans to invest a total of VNĐ50.9 trillion this year, up 49.2 per cent from 2024, with a focus on key sectors such as the gas industry and petrochemical refining. Its major projects this year include the Block B – Ô Môn gas project chain, oil and gas exploration, the Dung Quat Refinery upgrade and expansion, Nhơn Trạch 3 & 4 power plants and various petroleum service projects.

On June 27, the Nhơn Trạch 4 Power Plant, part of Việt Nam’s first LNG-fired power complex, was successfully connected to the national grid, initially generating 50 MW. This milestone marks the plant’s first electricity output during trial operation before full commercial deployment.

Further progress was made on June 30 when Petrovietnam’s Southwest Pipeline Operating Company signed contracts for two key offshore packages of the Block B – Ô Môn pipeline project. This completed the selection of all major contractors, paving the way for synchronised procurement and construction across the 430-km pipeline connecting Block B gas fields to the Ô Môn power plants.

Alongside strong investment disbursement, Petrovietnam maintained stable and efficient operations in the first half of the year.

Oil and gas exploration activities were on track, with an estimated one million tonnes of oil equivalent added to reserves. The Đại Hùng (Big Bear) Phase 3 field began commercial production on May 7, yielding over 6,900 barrels of oil per day, 20 days ahead of schedule. Two new Petroleum Sharing Contracts (PSCs) were also signed, marking a breakthrough after a long hiatus in new oil and gas agreements.

Petrovietnam’s production highlights in the first half of this year included 4.82 million tonnes of crude oil extracted; 2.99 billion cu.m of natural gas; 16.65 billion kWh of electricity, up 8 per cent year-on-year; 950,200 tonnes of urea fertiliser; and 3.78 million tonnes of refined petroleum (excluding the Nghi Son Refinery), up 26.8 per cent.

The estimated total revenue reached VNĐ510 trillion, with over VNĐ66.5 trillion contributed to the State budget. Cost-saving initiatives brought in VNĐ3.53 trillion, achieving 84.4 per cent of the annual saving plan and nearly tripling last year’s figure.

At the recent mid-year review, Petrovietnam leaders emphasised efforts to navigate macroeconomic challenges, capitalise on favourable legal reforms, and build internal capacity in capital, technology and governance.

As a pivotal year for implementing its development strategy through 2030, Petrovietnam aims to join the Fortune Global 500 and the top 10 regional energy groups.

In the second half of this year, the group will focus on accelerating exploration, boosting power and gas projects, expanding into LNG, hydrogen, and renewables, and strengthening international partnerships.

CEO Lê Ngọc Sơn urged all subsidiaries to actively seek and execute new projects, apply innovation, and fully utilise regulatory flexibilities to fulfil government-assigned targets. — VNS