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PetroVietnam aims to increase oil and gas reserves

Update: January, 06/2017 - 16:03
The Thị Vải refrigerated LPG storage project, developed by PV Gas, an affiliate of PetroVietnam, in Bà Rịa Vũng Tàu Province. - File Photo
Viet Nam News

HÀ NỘI – The Vietnam National Oil and Gas Group (PetroVietnam) aims to increase its oil and gas reserves to 10-15 million tonnes and contribute VNĐ74.6 trillion to the State budget in 2017.

Nguyễn Quốc Khánh, Chairman of its Board of Directors, said PetroVietnam expects to earn around VNĐ437.8 trillion (US$19 billion), of which VNĐ74.6 trillion will go to the State coffers.

It will speed up survey and exploitation projects, especially in Lot 8, Cá Rồng Đỏ and Cá Voi Xanh fields, closely monitor the development of oil and gas facilities scheduled for production and use advanced technologies while improving its market forecast capacity.

The company will prioritise the restructuring plan for the 2016-20 period as approved by the Prime Minister, and work to strengthen external relations and international co-operation, Khánh said.

Last year, PetroVietnam recorded an industrial production value of VNĐ490 trillion ($21.3 billion), surpassing its target by 12 per cent. It brought in VNĐ452.5 trillion and added VNĐ90.2 trillion to the State coffers, exceeding its goal by 12.5 per cent.

In 2016, the group tapped 17.23 million tonnes of crude oil and 10.61 billion cu.m of gas, 1.19 million tonnes and 1 billion cu.m higher than the respective targets. - VNS

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