Revenues from oil and gas service hit record VND152,500 billion in 2010

Revenues from oil and gas services hit record a figure of VND152,500 billion in 2010, a 58 percent increase over 2009’s figure and making up 32 percent of PetroVietnam’s total revenues.

The figure was given by the Vietnam National Oil and Gas Group (PetroVietnam) at an online conference in Hanoi on January 4 to announce the group’s results in 2010.

Although the group had to cope with many challenges in 2010, member companies have fulfilled and surpassed the set targets in terms of turnover, state budget contribution, gas exploration, and production of fertilizer and petroleum.

Dinh La Thang, President of the PetroVietnam said the group is actively building strategies, especially the country’s socio-economic development platform in the 2011-2020 period which will be approved at the upcoming 11th National Party Congress.

In 2010, total output of oil equivalent reached more than 24 million tones, including 15.1 million tonnes of crude oil and 9.4 billion cubic metres of gas.

The group discovered seven new oil fields, put five more oil fields into operations and increased national oil reserves to 43 million tonnes.

After one year in operation, Dung Quat Oil Refinery Factory also produced 5.71 million tonnes of various types of products with a capacity of 105 percent, contributing to reducing imports of petrol and oil products.

PetroVietnam surpassed the set target in the five year plan (2006-2010) with an increased average revenue of 28 percent per year, making up nearly 30 percent of total state budget collections.

The group aims to exploit 23.2 million tonnes of oil equivalent in 2011, earning a turnover of VND486 trillion. To fulfill the target, the group will focus on development of human resources, science and technology. – VOV

Tags: Vietnam oil and gas industry

Posted by VBN on Jan 5 2011. Filed under Industry, 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