The Vietnam Oil and Gas Group (PVN) said that it has estimated that its reserves of crude oil will reach 75 million tonnes this year, as it has boosted exploration and production both in and out of the country over the past ten months.

PVN’s Chairman Dinh La Thang stated this on November 20 at a press briefing on the nation’s oil and gas sector’s 48 th founding anniversary in the southern coastal province of Ba Ria-Vung Tau.

Over the past 10 months, PVN has been exploring three new oilfields, namely Bunga Orkird, Nam Rong-Doi Moi and D30-Malaysia, increasing its crude oil reserves to 67 million tonnes.

The group is confident that its production output for this year will hit 16 million tonnes, representing 101 percent of the yearly plan.

So far this year, the PVN has made several important moves, including giving the country’s first oil refinery in Dung Quat a trial run in February, and launching its own ship for 2D seismic survey along the country’s continental shelf in May.

The group also broke ground for the construction of several major projects such as the Ethanol petrol plant, the northern bio-energy production plant, the Nhon Trach 2 thermoelectric power plant and the nation’s first storage facility for liquefied petroleum gas.

PVN expects to earn 260 trillion VND in revenue this year./.