3:26:33 PM | 7/8/2005
PetroVietnam Set to Meet Country's Oil Demand
PetroVietnam outlined that it expects to exploit 30 to 32 million tons of new oil reserves per year in its 2010 to 2015 plan, bolstering national energy security by fulfilling 60-70 per cent of the domestic demand.
Of the crude total, oil from domestic wells will provide between 16 to 18 million tons and foreign wells will contribute 3 million tons. There will also be 11 to 13 billion cu.m of gas produced domestically.
The firm plans to maintain an average output of 48,000 tons of crude oil and 16 million cu.m of
gas per day.
PetroVietnam's general director Tran Ngoc Canh said that in addition to oil and gas exploiting and drilling activities, the corporation would increase its focus and investment to develop petroleum technical services.
PetroVietnam subsidiaries also plan to fill up to 60 per cent of the national fertiliser demand, as well as the demand of 20-30 percent of plastic products, and 50 per cent of polythene fiber. He also attached importance to boosting exports of petroleum products and services.
In order to ensure a stable energy source for the country, PetroVietnam has actively pursued petroleum exploration and production projects abroad.
In recent years, the firm has invested in areas well-known for oil and gas potential such as
Mr. Canh emphasised that overseas investment was part of the firm's long-term development strategy.
Vietnamese
