PetroVietnam 2022 crude oil output flat at 10.84 MMt
(Reuters) - 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.
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 $39.72 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.
($1 = 23,445 dong) (Reporting by Khanh Vu; Editing by Alexander Smith)
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