Southern Vietnam to Boost Oil, Gas Production
The Ministry of Industry said Vietnam will intensify the production of oil and gas in southern region where most oil and gas discoveries are located.
The oil and gas output from the southern region will account for 90-95 per cent of the total 18-20 million tons of crude oil and 6-10 billion cubic meters of gas of the country by 2010, it said.
The Ministry of Industry said a part of VND15,500 billion (roughly $1 billion) allocated for mineral production expansion in the southern region until 2010 will be funded to oil and gas projects.
This year, Vietnam is estimated to produce 16.8 million metric tons, lower than initially expected 17.5 million tons, due to failure in overseas acquisition and domestic production shrinkage.
In the first half this year, the oil and gas industry produced 7.89 million tons of crude oil, down 7.4 per cent on year (VNA)
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