PetroVietnam puts more oil fields into operation

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.

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

(File) A view of Dung Quat, Vietnam's first Oil Refinery, in the central province of Quang Ngai

In the first half of the year, PetroVietnam achieved a turnover of 340 trillion VND (16.6 billion USD), representing 68 percent of the yearly plan and a 45 percent year-on-year increase, he.

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

Revenues from oil and gas services reached 94 trillion VND, up 38 percent 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, fiber products for textile and garment industry and ethanol products, he said.

Source: Vietnam News Agency

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