The Vietnam National Oil and Gas Group (PetroVietnam) will exploit five more oil fields in order to meet the yearly target of 23 million tonnes of oil for this year, said General Director Phung Dinh Thuc.

At an online meeting on July 5, PetroVietnam General Director Thuc affirmed that PetroVietnam’s exploration of oil and gas in the East Sea is totally within the area of Vietnam’s sovereignty and jurisdiction rights and within Vietnam’s continental shelf and exclusive economic zone.

In the first half of the year, PetroVietnam achieved a turnover of 340 trillion VND (16.6 billion USD), representing 68 percent of the yearly plan and a 45 percent year-on-year increase, said Thuc.

PetroVietnam’s strong growth was attributable to turnover from oil sales of 6.05 billion USD, a year-on-year rise of 49 percent, as oil rose by 34 USD per barrel from 2010 to 115 USD on the world market, he added.

Revenues from oil and gas services reached 94 trillion VND, up 38 percent from the same period last year.

PetroVietnam is set to turn out three products in the remaining six months, namely the first ever 90m jack-up rig, fibre products for textile and garment industry and ethanol products, he said./.