PetroVietnam urged to focus on oil, gas exploitation

Friday, Jan 30, 2015 16:00

A corner at Bach Ho oil rig, which was invested by PetroVietnam. — Photo

HA NOI (Biz Hub) — Deputy Prime Minister Hoang Trung Hai has urged the Vietnam National Oil and Gas Group (PetroVietnam) to quickly restructure its operations this year, following a prime ministerial decision.

In a message sent to PetroVietnam, Hai also asked the firm to focus on five areas of business this year, with oil and gas survey and exploitation being the core areas.

The primary goal is to increase the output and reserves of oil and gas, contributing to the national economy and energy security as well.

Hai asked the industry and trade ministry to ensure the progress of relevant projects in the gas industry, as PetroVietnam effectively operates gas facilities and steps up power generation projects, especially in the supervisory, construction and bidding stages.

PetroVietnam is responsible for upgrading the Dung Quat refinery plant, accelerating projects on the Nghi Son oil refinery and petrochemical complex and the Long Son refinery complex, and safely operating other refinery and biofuel plants, as indicated in its 2015 target plan.

PetroVietnam's firms in the oil and gas sector should work to improve their capacity and extend co-operation with overseas markets.

The corporation's crude oil, gas, electricity and fertiliser, besides petroleum production generated VND745.5 trillion (US$35.5 billion) in revenue last year, 11.8 percent more than its annual target. In particular, it contributed VND37.6 trillion to the State budget.

The deputy Prime Minister asked PVN to complete its development strategy by 2025 and an orientation towards 2035, including specifying its comparative advantages and disadvantages with regional partners, especially with the Malaysian oil and gas corporation Petronas, and devising ways to eliminate development gaps. —VNS

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