Vietnam's Petrol Demand to Rise 10 per cent Yearly by 2010

The petroleum consumption of Vietnam is estimated to increase by between 8 per cent and 10 per cent per year by 2010, said the Ministry of Industry and Trade.

 

In order to meet soaring demand, the oil and gas sector needs to boost exploration and production in the coming time and seek cooperation opportunities to probe and produce oil and gas abroad, Deputy Prime Minister Hoang Trung Hai made the request during a recent meeting with state-owned oil monopoly PetroVietnam group.

 

Regarding a national master planning scheme on oil and gas sector development through 2015 and span to 2025, Hai emphasized energy security, saving and environment.

 

The official also demanded a tightly-controlled, careful and detailed plan for every petroleum projects as well as a thorough estimation on future energy using structure.

 

Vietnam is forecast to consume nearly 70 million tons of oil equivalents by 2015.

 

The country has so far found 70 potential oil fields with reserves estimated at 825 million metric tons of oil equivalents, including 425 million metric tons of oil and 400 billion cubic meters of gas, said the Ministry of Industry and Trade. (Saigon Liberation, The People)