PetroVietnam Produces 280 Mln Tons of Crude Oil and Condensate so far

The state-owned oil monopoly PetroVietnam group has to date tapped over 280 million tons of crude oil and condensate, and 45 billion cubic meters of natural gas, earning nearly US$60 billion and contributing US$36 billion to the state budget, the state-run Tin Tuc (News) newspaper said, citing the group's sources.

 

This year, PetroVietnam has targeted to produce 24 million tons of oil equivalents from 16 million tons of crude oil and condensate and 8 billion cubic meters of natural gas, and raise its oil equivalent reserve to between 35 million and 40 million tons.

 

The group has planned to export 11.68 million tons of crude oil and condensate; produce 7.5 billion cubic meters of dry natural gas, 740,000 tons of urea, and 10 billion kWh of power in 2009.

 

It will strive to attain revenue of VND261.11 trillion (US$15.82 billion), to contribute VND79.58 trillion (US$4.82 billion) to the state budget in the year.

 

In 2008, the group made gross revenue of VND280.05 trillion (US$16.57 billion), equivalent to 20 per cent of the nation’s GDP, surpassing 49.6 per cent of the year’s target and representing an on-year increase of 31.2 per cent. (News)