PetroVietnam maintains oil and gas exploration and drilling plan in Eastern Sea

PetroVietnam, the country’s oil and gas group, confirmed its petroleum exploration and drilling plan in Eastern Sea would not be unchanged because Vietnam’s territory was recognized globally. It also is considering whether it will buy back stakes of foreign partners in Eastern Sea projects or not.
The confirmation was made in the press meeting on July 5.

General Director Phung Dinh Thuc said that asset value of ConocoPhilips in Vietnam totaled at $1.5 billion. The foreign organization holds 23.3% of stake in a complex of five oil wells at Block 15-1; 36% stake of Rang Dong well at Block 15-2 in Cuu Long oilfield and 16.3% stake of Nam Con Son gas pipeline.

Replying VnExpress.net about the information that US’s third largest petroleum firm ConocoPhillips is planning to sell its stakes in three oil and natural gas wells offshore Vietnam, Thuc said that his group together with other partners are considering buyback of these stakes and may actualize the priority right of host country. But, he noted, it is necessary to concern why ConocoPhillipines wants to withdraw investment capital.

“They may be restructuring or in the complex period…”, Mr Thuc guessed.

During the first six months of 2010, total convertible oil output of PetroVietnam reached almost 12 million tons, including 7.23 million tons of crude oil and 4.7 billion of cubic meters of gas. In which, the group exported and sold 7.2 million tons (4.1 million tons for export, and 2.74 million tons being sold to Dung Quat oil refinery and 310,000 tons of crude oil being drilled and sold overseas).

Overall, the group earned total revenues of 340 trillion dong, paid 75 trillion dong to the state budget, growing 31% against one year earlier. This year, these figures are expected to be 640 trillion dong and 138.400 trillion dong, respectively.

From now to the year end, PetroVietnam will be focusing on such projects as Nghi Son oil refining complex, Quang Trach 1 thermo power plant, Hau River 1 thermal power plant, Southern petrochemical complex. The group also will start drilling in five oil and gas wells namely Visovoi-Nhennhexxky (in Russia), second phase of Te Giac Trang and Dai Hung, Chim Sao and Dana SK 305-Malaysia.

As planned, Dung Quat oil refinery will be stopped in operation on July 15 for first overall maintenance. It will restart operation on September 7 and full capacity from Sep 15.

PetroVietnam’s General Director Phung Dinh Thuc also emphasized, EVN owed the group seven trillion dong. In this difficult context, PetroVietnam is cooperating with EVN and requiring the electricity group to implement down payment.

Tags: PetroVietnam

Posted by VBN on Jul 7 2011. 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