Vietnam’s state oil and gas monopoly PetroVietnam will need VND57,385 billion (US$3.59 billion) to develop oil and gas projects in 2007, up 45 per cent on year, Sai Gon Giai Phong Daily reported.
The money will be used for both domestic and overseas projects, especially those already underway, a PetroVietnam official said.
PetroVietnam will speed up construction of Vietnam’s first oil refinery Dung Quat, which costs some $2.5 billion in total and will go onstream in early 2009.
The state-run group will also step up the PM3-Cau Mau gas pipeline project, which is scheduled to open in the first quarter of 2007 and will fuel key industrial complexes in southern Vietnam like the Ca Mau and Nhon Trach power plants.
The unlisted PetroVietnam will also spend a sum in oil and gas finding in 2007, following good results in 2006, added the official.
In 2006, PetroVietnam discovered oil and gas in field wells, namely TGT-2X (11,000 barrels of crude a day), ST-3X (1.9 billion cubic feet and 2,000 bbl of condensate a day), R-15 (850 cubic meters a day), PD-4X (6,500 bpd) and 107-BAL-1X.
The oil monopoly signed seven production-sharing contracts in eight blocks in the year.
The firm also inked framework agreements with Venezuela, Cuba and Kazakhstan to explore oil in Vietnam and in these countries.
In 2007, PetroVietnam targets to find 36-40 million tons of oil equivalent reserves, an effort to increase total reserves in the 2006-10 period to 120-150 million tons.
According to the Ministry of Industry, PetroVietnam will tap 17.5 million tons of crude oil in 2007, including 16.4 million tons in Vietnam and 1.1 million tons from foreign assets.
The group also plans to bring 7.37 billion cubic meters of gas onshore.
PetroVietnam will export 16.4 million tons of crude this year, down 3.1 per cent from 2006 when it earned $8.3 billion.
(Liberated Saigon Online)
Vietnamese
