PetroVietnam aims to increase oil and gas reserves

Friday, Jan 06, 2017 15:15

The Thi Vai refrigerated LPG storage project, developed by PV Gas, an affiliate of PetroVietnam, in Ba Ria Vung Tau Province. — VNS Photo

The Vietnam National Oil and Gas Group (PetroVietnam) aims to increase its oil and gas reserves to 10-15 million tonnes and contribute VND74.6 trillion to the state budget in 2017.

Nguyen Quoc Khanh, chairman of its board of directors, said PetroVietnam expects to earn around VND437.8 trillion (US$19 billion), of which VND74.6 trillion will go to the state coffers.

It will speed up survey and exploitation projects, especially in Lot 8, Ca Rong Do and Ca Voi Xanh fields, closely monitor the development of oil and gas facilities scheduled for production and use advanced technologies while improving its market forecast capacity.

The company will prioritise the restructuring plan for the 2016-20 period as approved by the prime minister, and work to strengthen external relations and international cooperation, Khanh said.

Last year, PetroVietnam recorded an industrial production value of VND490 trillion ($21.3 billion), surpassing its target by 12 per cent. It brought in VND452.5 trillion and added VND90.2 trillion to the state coffers, exceeding its goal by 12.5 percent.

In 2016, the group tapped 17.23 million tonnes of crude oil and 10.61 billion cu.m of gas, 1.19 million tonnes and 1 billion cu.m higher than the respective targets. — VNS

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