PetroVietnam aims to increase oil and gas reserves

The Thị Vải refrigerated LPG storage project, developed by PV Gas, an affiliate of PetroVietnam, in Bà Rịa Vũng Tàu Province. - File Photo

HÀ NỘI – The Vietnam National Oil and Gas Group (PetroVietnam) aims to increase its oil and gas reserves to  一0- 一 五 million tonnes and contribute VNĐ 七 四. 六 trillion to the State budget in  二0 一 七.

Nguyễn Quốc Khánh, Chairman of its Board of Directors, said PetroVietnam expects to earn around VNĐ 四 三 七. 八 trillion (US$ 一 九 billion), of which VNĐ 七 四. 六 trillion will go to the State coffers.

It will speed up survey and exploitation projects, especially in Lot  八, Cá Rồng Đỏ and Cá Voi Xanh fields, closely monitor the development of oil and gas facilities scheduled for production and use advanced technologies while improving its market forecast capacity.

The company will prioritise the restructuring plan for the  二0 一 六- 二0 period as approved by the Prime Minister, and work to strengthen external relations and international co-operation, Khánh said.

Last year, PetroVietnam recorded an industrial production value of VNĐ 四 九0 trillion ($ 二 一. 三 billion), surpassing its target by  一 二 per cent. It brought in VNĐ 四 五 二. 五 trillion and added VNĐ 九0. 二 trillion to the State coffers, exceeding its goal by  一 二. 五 per cent.

In  二0 一 六, the group tapped  一 七. 二 三 million tonnes of crude oil and  一0. 六 一 billion cu.m of gas,  一. 一 九 million tonnes and  一 billion cu.m higher than the respective targets. - VNS