Vietnam’s State oil monopoly Vietnam Oil and Gas Corp (PetroVietnam) expects to begin commercial oil production at its Malaysia’s oil field in the third quarter of this year, Mr. Tran Ngoc Canh, general director of PetroVietnam said.
PetroVietnam is holding a 30 per cent stake at Block SK305 offshore Sarawak State, Malaysia. The remaining stakes belong to Malaysia’s Petronas and Indonesia’s Pertamina with 30 per cent and 40 per cent, respectively.
According to PetroVietnam, the first well at Dana-1X field was tested to give 3,300 barrels of oil and 1.55 million cubic feet of gas a day.
Mr. Canh said, developing oil and gas projects overseas is the major job of PetroVietnam in 2006 as well as in the following years; explaining that these projects will also make other oil and gas service grow.
In addition, in accordance with its business plan, PetroVietnam targets to raise its oil reserves overseas by some 35-40 million metric tons by 2010.
The State-run corporation expects to sign six or seven oil and gas exploration and exploitation contracts abroad between 2005 and 2010 in addition to its existing seven projects in Indonesia, Mongolia, Iran, Iraq, Malaysia and Algeria.
In the domestic waters, PetroVietnam exploited 4.38 million tons of crude oil and 1.82 billion cubic meters of gas in the three months of this year, generating a total revenues of VND39.8 trillion (US$2.52 billion), up 16.6 per cent on year.
Of the sum, nearly US$2 billion came from exporting 4.14 million tons of crude oil, up over 16 per cent in value but down 11 per cent in value.
The oil and gas giant plans to extract 18 million tons of crude oil and 6.79 billion cubic meters of gas this year.
Youth
Vietnamese
