PetroVietnam to increase oil and gas reserves

The Vietnam National Oil and Gas Group (PetroVietnam) strives to increase oil and gas reserves to 10-15 million tonnes this year, said Chairman of the Board of Directors Nguyen Quoc Khanh.

Thursday, January 05, 2017 20:05

PetroVietnam to increase oil and gas reserves ảnh 1

Illustrative image (Source: VNA)

Hanoi (VNA) – The VietnamNational Oil and Gas Group (PetroVietnam) strives to increase oil and gasreserves to 10-15 million tonnes this year, said Chairman of the Board ofDirectors Nguyen Quoc Khanh.

According to him, PetroVietnam also expectsto earn nearly 437.8 trillion VND (19 billion USD) and add 74.6 trillion VND(3.24 billion USD) to the State budget this year.

It will speed up survey andexploitation projects, especially in Lot 8, Ca Rong Do and Ca Voi Xanh fields,closely monitor the development of oil and gas facilities scheduled forproduction, use advanced technologies while improving market forecast capacity.

Priority will be also given torestructuring for 2016-2020 as approved by the Prime Minister, thestrengthening of external relations and international cooperation, he said.

Last year, PetroVietnam recorded an industrialproduction value of 490 trillion VND (21.3 billion USD), surpassing the targetby 12 percent.

It raked in 452.5 trillion VND (19.67billion USD) and added 90.2 trillion VND (3.92 billion USD) to the Statecoffer, exceeding the set goal by 12.5 percent.

During the year, the group tapped17.23 million tonnes of crude oil and 10.61 billion cu.m of gas, 1.19 milliontonnes and 1 billion cu.m higher than the target.-VNA

VNA

#Vietnam National Oil and Gas Group #PetroVietnam #oil and gas reserves #State budget Vietnam

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