Oil and gas service turnover posts record high

The Vietnam National Oil and Gas Group (Petrovietnam)’s oil and gas service field posted a record growth rate in 2009 with a total value of nearly VND 40 trillion.

This is announced at its March 6 conference to review one year of deploying the implementation of its resolution on bring into full play its inner strength and giving priority to using its member units’ services.

According to the report at the conference, the Petrovietnam’s oil and gas service turnover reached over VND 242 trillion, occupying 25.6% of its total turnover.

The increase in its oil and gas service turnover has basically offset the reduction in its crude oil exploitation value due to the fact that average price of crude oil in 2009 was put at only US$64 a barrel, a 37% fall against its average price in 2008, the report said, adding that in addition, co-ordination and development assistance between its member units through stepping up the use of each other’s services have seen a positive change.

In 2010, the group will continue to gradually raise their supply capacity and competitive edge in terms of product quality in comparison with units in the non-oil and gas sectors and increasingly expand its oil and gas service market.

Tags: Vietnam oil, Vietnam oil and gas, Vietnam oil and gas sector, vietnam oil gas

Posted by VBN on Mar 9 2010. Filed under Oil-Gas & Petroleum. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry