PetroVietnam Expects More Incentives for Offshore Oil & Gas Projects
The state-run Vietnam Oil and Gas Group (PetroVietnam) has proposed the government create more incentives for the group to explore and produce oil and gas offshore the country.
The group and its affiliates will miss their investment chances if they must comply with current administrative procedures because building offshore oil and gas works depends much on the weather.
PetroVietnam and its affiliates will also meet difficulties in tenders for offshore projects when they must suffer a VAT rate of 5% higher than foreign contractors.
Since the beginning of this year, the group has found out nine oil and gas fields including six at home and three overseas and it has produced 16 million tons of crude oil and 8 billion cubic meters of natural gas.
PetroVietnam plans to raise its crude oil reserves to 75 million tons this year. (Vietnam & World Economy)
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