The Viet Nam National Oil and Gas Group (PetroVietnam or PVN) is targeting an increase of its oil and gas reserves by 10-15 million tonnes in 2018.

To that end, the firm will promote exploration work, with priority to developing projects in Bloc B, Ca Voi Xanh (Blue whale) and Ca Rong Do (Red dragon fish), ensuring its long-term development.

It will also co-ordinate with petroleum contractors to comprehensively implement measures to strictly control the development of oilfields and safely and stably operate relevant projects.

Divestment at PetroVietnam’s subsidiaries will continue to be accelerated in line with the 2017-20 plan approved by the Prime Minister.

PVN will also pay attention to streamlining the management apparatus and rectifying the evasion, irresponsibility and failure of staff to meet the requirements.

Besides this, the group is keeping a close watch on global oil prices in 2018 to devise appropriate solutions to the issue.

Overcoming many difficulties, PVN managed to surpass all business production targets in 2017.

The domestic yield of crude oil was 1.29 million tonnes beyond the annual target, and its contribution to the State budget exceeded VND22.9 trillion (US$1 billion), significantly contributing to the national gross domestic product growth. — VNS