PetroVietnam Targets to Produce 20M Tons of Crude Oil in 2011-2015

The state-run Vietnam Oil and Gas Group, known as PetroVietnam, targets to produce 19 million - 20 million tons of crude oil and to tap 11 billion - 15 billion cubic meters of natural gas between 2011 and 2015.

 

The figures will be 20 million – 21 million tons of crude oil and 15 billion – 16 billion cubic meters of natural gas in the 2016-2020 period and 20 million – 21 million tons and 16 billion – 17 billion cubic meters between 2021 and 2025.

 

The group also plans to develop overseas oilfields in a bid to offset the impact of decreasing oil production locally and raise its exploitable oil and gas reserves to 1,380 million - 1,510 million tons of oil equivalent by 2015 and 1,760 million – 1,950 million tons by 2020.

 

Vietnam’s ageing Bach Ho oilfield has been declining in output after more than two decades of production.

 

In the first eight months of this year, PetroVietnam produced 11.44 million tons of crude oil and tapped 5.25 billion cubic meters of natural gas, up 16.6% and 9.5% from a year earlier, respectively. (Inspection)