PVEP to invest 380 million USD in exploring, exploiting new oil fields

Hanoi (VNA) – The PetroVietnam Exploration Production Corporation (PVEP) will invest about 380 million USD in exploring, exploiting and developing new oil fields this year, according to Deputy General Director Hoang Ngoc Trung.

The move aims to allow the corporation to cope with the degradation of its existing oil fields after years of production, and weakening oil prices, Trung said, adding that the oil price has remained at a very low level since last year.

The company has decided to pour a large amount of investments into such core activities to ensure it will be able to fulfil its output goals in the following years, he said.

He further noted that oil and gas exploration and production remain risky itself so it is important that the PVEP would receive support from authorities in removing legal barriers in investment policies and procedures. It will facilitate the corporation to quickly explore and exploit new oil fields.

The PVEP is currently operating 35 oil and gas projects, including 29 at home and six abroad./.