3:26:42 PM | 7/8/2005
The State-run Vietnam Oil and Gas Corporation, PetroVietnam, has exploited 178 million tons of crude oil and 22 billion cubic meters of gas from
This figure marks a milestone in the developing oil industry. Since the firm began drilling in 1986, the oil and gas yields have increased every year. The firm has also outlined plans to maintain an average output of 48,000 tons of crude oil and 16 million cu.m of gas daily.
Oil and gas exploiting and drilling activities have been carried out on seven oil and gas fields in the
Japan Vietnam Petroleum Co Ltd, (JVPC) has announced it has exploited around 15 million tons of crude oil from the Rang Dong (Dawn) oil field in Block 15.2 since the first oil delivery in August 1996.
The Rang Dong field in Block 15.2, has been developed and operated by JVPC, which holds the major percentage stake, with the rest shared by the
JVPC reported that Rang Dong field's oil drilling platforms N1 and S1 were put into re-operation on June 6 in combination with the E1 platform, which restarted production to pump oil and produce associated gas, which will be linked to Rang Dong-Bach Ho’s gas pipeline.
The company reported that the N1 and S1 platforms were put into work three days ahead of schedule and the C1 platform is expected to start producing crude oil early next week.
The working platforms will contribute to increasing this year's crude oil output of the field to 2.5 million tons, exceeding the set plan of 90,000 tons.
PetroVietnam has recently put a proposal to the Government to permit the operators of Block 15.2 to hold onto areas of the east and the southeast of Rang Dong field for another two years to allow further investment.
Currently regulations state that operators have to return the majority of oil and gas producing areas to PetroVietnam following three or four years of exploitation.
The operators will commit to investing in seismic research, well drilling and other exploitation activities with an expected capital of $14 million.
Following satisfactory results from oil and gas fields, the giant oil company reported it will fulfill this year's set target of 18.5 million tons of crude oil and 6.6 billion cu.m of gas.
In a 2005-10 plan, PetroVietnam expects to raise its oil capacity to between 250 and 300 million tons and find 30 to 32 million tons worth of new oil reserves per year.
PetroVietnam beat its export turnover target last year, posting a record figure of $5.7 billion.
VNS
Vietnamese
