PetroVietnam Affiliate Aims to List among Top 3 Oil, Gas Firms in Southeast Asia

PetroVietnam Exploration Production Corporation (PVEP), an affiliate of the state-run Vietnam Oil and Gas Group, targets to become one among top three oil and gas companies in the Southeast Asian region by 2015.

To this end, PVEP plans to sign between 20 and 22 more oil and gas contracts, produce 111 million tons of oil equivalent to raise its oil reserve to 122 million tons, earn revenues of VND313 trillion ($16.473 billion) and pay taxes of VND47 trillion in 2011-2015.

The firm plans to invest $16.5 billion in oil and gas exploration and production projects during the period, the government of Vietnam said on its website late May 9.

PVEP is will call for investment into 20 oil and gas blocks on the country’s continental shelf.

Between 2006 and 2010, the company discovered 27 oil and gas fields, started commercial production at 10 fields, produced 40.3 million tons of crude oil and 33.4 billion cubic meters of natural gas, and raised its oil equivalent reserve to 272 million tons.

PVEP earned revenues of VND133.8 trillion and paid taxes of VND42.2 trillion over the past five years, surpassing 10% and 18% of its period targets, respectively.

This year, the firm targets to earn revenues of VND28 trillion, down 9.46% on year, and to produce 8.69 million tons of crude oil and 7.4 billion cubic meters of natural gas, down 12.57% and up 4.22% on year, respectively. Its total assets are expected to rocket 450% to VND110 trillion this year versus VND23 trillion in 2007.

It has to date operated and cooperated in operating 55 oil and gas projects, including 34 domestic ones and 21 abroad.

Tags: Petro Vietnam, Vietnam oil and gas