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.

petrovietnam to increase oil and gas reserves hinh 0

According to him, PetroVietnam also expects to earn nearly VND437.8 trillion (US$19 billion) and add VND74.6 trillion (US$3.24 billion) 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 VND490 trillion (US$21.3 billion), surpassing the target by 12%. 

It raked in VND452.5 trillion (US$19.67 billion) and added VND90.2 trillion (US$3.92 billion) to the State coffer, exceeding the set goal by 12.5%. 

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.


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