PetroVietnam oil profits hit record high

The figure, which was 25 to 30 per cent higher than the set target, was released at a conference held in the southern Vung Tau City last weekend to review last year's petroleum services.

This record turnover came during the first year of a five-year plan for the 2011-15 period, creating favourable conditions for the group to achieve higher results.

As of the end of last year, PetroVietnam had built a system to provide petroleum services in several fields with a total asset value of VND140 trillion ($6.7 billion).

PetroVietnam has demonstrated its ability to operate and implement large-scale and high-tech projects which used to require hiring foreign partners, and now offers services not only the domestic sector but also the international market.

For example, it has invested in independently operating 2D and 3D viscoelastic earthquake systems along Viet Nam's continental shelf instead of hiring foreign services.

This year, PetroVietnam strives to achieve an even higher petroleum service turnover than last year.

It also set a target to use Vietnamese goods and its members' services following an instruction from the Prime Minister on utilisation of Vietnamese goods and materials in bidding projects that use State capital.

Three contracts were signed during the conference including one to purchase the Tam Dao 3 drilling rig between PetroVietnam and the Viet Nam – Russia Petroleum Joint Venture (Vietsovpetro), construction of the Tam Dao 5 drilling rig between Vietsovpetro and PetroVietnam Marine Shipyard Joint Stock Company (PVShipyard), and a joint venture agreement between PetroVietnam Drilling & Well Services Company (PVD) and multinational Citra-Sumit-Valind Investment (CSV).