PetroVietnam May Not Fulfill Target of 16.2 Mln Tons of Crude Oil in 2008

State-owned oil monopoly PetroVietnam group may be unable to complete its target to produce 16.2 million tons of crude oil this year, Deputy General Director Do Van Hau said at a recent meeting with the Ministry of Industry and Trade.

 

The group has tapped a total 9.54 million tons of crude oil and 4.84 billion cubic meters of natural gas in the first eight months of this year, representing 59.6 per cent and 64.5 per cent, respectively, of the target set for this year, the Vietnam News Agency-run Vietnam and World newspaper quoted Mr. Hau as saying.

 

Oil reserve of Su Tu Den oilfield has considerably tumbled while production of the second oil well at the 20,000-barrel-per-day Ca Ngu Vang oilfield hits only 3,000 bpd, much lower than the earlier expectation, he attributed.

 

During the eight-month period, PetroVietnam found an additional three oilfields, including one abroad and clinched nine more oil and gas contracts, six of which with foreign partners.

 

In the late four months of this year, the group plans to speed up progress of key projects and kick off some important works such as Long Son petrochemical complex, Ethanol production plant, Ca Mau power plant inauguration, and completing negotiations to reach a joint venture agreement with Venezuela to build Long Son oil refinery, the official said.

 

PetroVietnam has set a target of finding new oilfields to ensure a potential reserve of between 35 million and 40 million tons of crude oil equivalents by 2015

 

It plans to tap 25 to 35 million tons of oil equivalent a year, of which 18 million to 20 million tons will be crude oil. It also aims to exploit between 6 billion and 17 billion cubic meters of gas per year. (Vietnam & World Economy)