Petrovietnam exceeds targets across all six key business indicators

Petrovietnam exceeds targets across all six key business indicators

The results have reinforced Petrovietnam's role as a key pillar of national energy security amid continued volatility in global energy markets.

A view of the Dung Quat Oil Refinery. — VNA/VNS Photo

Vietnam National Industry - Energy Group (Petrovietnam) exceeded all six of its core production and business targets in the first four months of 2026, underlining its role in maintaining national energy security amid continued volatility in global energy markets.

The group recorded strong performances across oil and gas exploitation, electricity generation, petrol production and fertiliser output, with crude oil production posting particularly sharp growth.

Crude oil output rose 14.3 per cent year-on-year during the first four months of 2026. In the first quarter alone, total crude oil production reached 2.63 million tonnes, up 10.4 per cent compared with the same period in 2025.

Its upstream subsidiaries, including PetroVietnam Exploration Production Corporation (PVEP) and the Vietsovpetro joint venture, maintained stable operations while meeting safety standards. Their performance helped secure crude oil supplies for domestic refining activities.

PVEP reported first-quarter production of 1.08 million tonnes of oil equivalent, an increase of 136 per cent year-on-year.

In April, Petrovietnam and its partners signed an agreement to develop the Nam Du - U Minh gas field cluster. The project is estimated to hold reserves of around 4.44 billion cubic metres of gas and is expected to supply approximately 700 million cubic metres annually.

Once operational, the gas source is projected to meet around 30 per cent of gas demand in Cà Mau Province while providing an important supply source for the southwestern region from late 2028 to 2035.

In the refining and petrochemical sector, Bình Sơn Refining and Petrochemical JSC (BSR) continued operating the Dung Quất refinery at between 124 and 125 per cent of designed capacity. The company described the level as optimal for maximising output while maintaining operational safety.

BSR produced more than 1.99 million tonnes of refined products in the first quarter, contributing significantly to domestic fuel supply and market stability.

The company also worked with the Vietnam Oil Corporation (PVOIL) to accelerate the nationwide rollout of E10 biofuel. The two sides are building an integrated production and distribution chain aimed at ensuring broad market supply from May 2026.

Meanwhile, PVOIL recorded strong growth in fuel trading, with first-quarter sales exceeding 1.6 million cubic metres and tonnes, up 27.7 per cent year-on-year.

The company also expanded imports despite higher costs to maintain a stable supply and added 39 new petrol stations, bringing its nationwide network to 988 outlets.

Petrovietnam said it would continue striving to meet its highest possible targets in May and the second quarter, laying the groundwork for fulfilling its 2026 business plans while maintaining its leading role in ensuring national energy security and supporting economic growth. 

Bizhub