PetroVietnam to increase oil and gas reserves

Illustrative image (Source: VNA)

Hanoi (VNA) – 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.

According to him, PetroVietnam also expects to 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 and exploitation projects, especially in Lot 8, Ca Rong Do and Ca Voi Xanh fields, closely monitor the development of oil and gas facilities scheduled for production, use advanced technologies while improving market forecast capacity.  

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

Last year, PetroVietnam recorded an industrial production value of 490 trillion VND (21.3 billion USD), surpassing the target by 12 percent.

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

During the year, the group tapped 17.23 million tonnes of crude oil and 10.61 billion cu.m of gas, 1.19 million tonnes and 1 billion cu.m higher than the target.-VNA

VNA