Vietnamese state-owned oil and gas company PetroVietnam has announced record-breaking financial and operational results for 2025, alongside leadership changes and strategic expansion plans.

Leadership Appointment

Le Ngoc Son has been appointed as the new chairman of PetroVietnam. This decision follows the appointment of the outgoing chairman, Le Manh Hung, as acting Minister of Industry & Trade. Son had been serving as the company's chief executive since March 2024.

Record 2025 Performance

At the company's annual conference, it was reported that PetroVietnam exceeded all government-assigned targets for 2025 and the 2021-2025 period. Key achievements include:

• A 14.5 million tonne of oil equivalent (approximately 105 million barrel) increase in reserves, surpassing the plan by 11.5%.
• Estimated production of 9.98 million tonnes of oil equivalent (approximately 73 million boe), marking a 0.8% year-on-year increase.
• Consolidated revenue of 651.2 trillion dong (US$6.3 billion), an 11% year-on-year increase achieved despite a forecasted 14% dip in average oil prices for 2025.
• A total contribution of 166 trillion dong to the state treasury, earning it the designation as the country's most profitable state-owned enterprise.

International Expansion and Projects

The company's international revenue is projected to grow by around 56% in 2025. A key focus is implementing signed agreements, including a memorandum of understanding with Algeria's Sonatrach for cooperation in exploration and production. PetroVietnam is also contemplating an expansion plan for its Nghi Son refinery and petrochemical complex, a joint venture with Kuwait Petroleum International and Japanese partners.

Subsidiary Performance and Plans

PetroVietnam's subsidiaries reported strong results and future investments:

• PV Drilling achieved its highest profit since 2015, with after-tax profits reaching $33.2 million, a 19% increase from 2024.
• PV Gas plans a $3.5 billion investment in natural gas market infrastructure between 2026 and 2030, targeting annual revenue growth of 8-10%. A core focus is developing liquefied natural gas hubs in areas with existing gas infrastructure.