Petrovietnam organizes conference on oil price change and impact estimation

On July 5th, at Vung Tau city, Vietnam Oil and Gas Group organized conference about forecast and impact of international crude oil price to the group’s business operation between 2019-2025.

Making remark during the opening ceremony, PetroVietnam’s Board of Management’s Chief Officer Doan Linh presented reason and the importance of updating information on international oil price impact to PVN and its divisions’ leaders.

Delegates attend the conference.

At the conference chaired by Dr. Nguyen Hong Minh, vice head of Vietnam Petroleum Institute, speakers from Research Centre For Petroleum Economics & Management presented two topics including: 2018 and first half 2019 crude oil price change, and forecast for 2019-2025 period; impact of international oil price fluctuation to PetroVietnam’s operation between 2019-2025.

Speaker from Vietnam Petroleum Institute makes presentation at the conference.

Conducting the two researches, the group of authors made a conclusion that international crude oil price has impact on every operation sectors of the corporation. In specific, oil price has impact on exploration and production, gas, petroleum and service. Oil price also has impact on PVN’s electricity generation.

Crude oil price have proportional impact to PetroVienam’s after-tax profit. The corporation’s profit will get less impact when international oil price goes below 60USD/barrel and the corporation’s post-tax profit will get stronger impact with oil price above 75USD/barrel.

The group of authors suggested the corporation to be consistent in using oil price forecast for petroleum contracts and maintain updating price forecast for estimating and risk management in petroleum sector.

Dr. Ngo Truong San, head of Vietnam Petroleum Association makes discussion during the conference.

Mr. Phan Ngoc Trung, PVN Board of Management member speaks at the conference.

The conference discussion session was much excited when participants raised several questions and gave opinions to the research group. The discussion was mainly focused on price forecast, survey method, renewable energy, and elements having impact to crude oil prices…

Addressing the conference, PetroVietnam President & CEO Le Manh Hung appreciated the authors from Vietnam Institute of Petroleum for choosing the research topics which provided adequate information. Hung said, in the the reports, the authors found new trend in the international oil market such as green orientation – giving priority to green, clean and environmentally-friendly production, renewable energy development, digital trend – applying technology in production...

PetroVietnam President & CEO Le Manh Hung addresses the conference

PetroVietnam President & CEO Le Manh Hung suggested the corporation’s Board of Management office and Vietnam Petroleum Institute to note down the opinions at the conference and consider them when building making oil price forecast, management to limit unexpected risk from international oil price change during the up-coming time.

L.Trúc - H.Anh
Source:https://petrotimes.vn