PetroVietnam puts more oil fields into operation

July 06, 2011 | 18:02

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The Vietnam National Oil and Gas Group (PetroVietnam) will exploit five more oil fields in order to meet the yearly target of 23 million tonnes of oil for this year, said general director Phung Dinh Thuc.

illustration photo

At an online meeting on July 5, PetroVietnam general director Thuc affirmed that PetroVietnam’s exploration of oil and gas in the East Sea is totally within the area of Vietnam’s sovereignty and jurisdiction rights and within Vietnam’s continental shelf and exclusive economic zone.

In the first half of the year, PetroVietnam achieved a turnover of VND340 trillion ($16.6 billion), representing 68 per cent of the yearly plan and a 45 per cent year-on-year increase, said Thuc.

PetroVietnam’s strong growth was attributable to turnover from oil sales of $6.05 billion, a year-on-year rise of 49 per cent, as oil rose by $34 per barrel from 2010 to $115 on the world market, he added.

Revenues from oil and gas services reached VND94 trillion, up 38 per cent from the same period last year.

PetroVietnam is set to turn out three products in the remaining six months, namely the first ever 90m jack-up rig, fibre products for textile and garment industry and ethanol products, he said.

VIR/VNA

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