PetroVietnam to operate additional 20 oilfields in next 5 years

The state-run Vietnam Oil and Gas Group (PetroVietnam) plans to start commercial operation at between 15 and 20 new oilfields in the 2011-2015 period.

The move is aimed to raise its oil and gas reserves by between 35 million and 45 million tons per year, including from 25 million to 30 million tons domestic and the rest abroad during the period.

The group expects to pump between 8.5 billion and 14 billion cubic meters of natural gas per year between 2011 and 2015.

It targets to contribute between 20% and 25% of the national power output by 2015.

Over the past five years, PetroVietnam carried out 56 oil and gas projects, comprising 38 domestic and 18 overseas.

PetroVietnam pumped 117.41 million tons of oil equivalent in the 2006-2010 period while it had 16 oil and gas discoveries during the time.

The group had supplied nearly 35 billion cubic meters of dry natural gas as input material for production of 40% of the national power output, between 35% and 40% of the national urea output plus 70% of the national liquefied petroleum gas demand for industrial production and household consumption between 2006 and 2010.

Tags: PetroVietnam