Vietnam Jan-Aug Crude Oil Production Likely up 17.3% at 11.437M Tons

Vietnam is estimated to have produced 11.438 million tons of crude oil in the first eight months of this year, up 17.3% from a year earlier, the government’s General Statistics Office (GSO) reported.

 

The Southeast Asian country’s crude oil production for August so far is estimated at 1.373 million tons, up 15.7% from last August, the GSO said.

 

Vietnam, the third largest crude oil producer in Asia, exported 9.778 million metric tons of crude oil worth US$4.128 billion between January and August, up 8% from a year earlier in terms of volume but down 48.1% in terms of value.

 

This year, the state-owned Vietnam Oil and Gas Group (PetroVietnam) expects to produce 24 million tons of oil equivalents from 16 million tons of crude oil and condensate and 8 billion cubic meters of natural gas and raise its oil equivalent reserve between 35 million and 40 million tons per year. (GSO Aug 2009)