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11/01/2018 - 04:32

PetroVietnam eyes larger reserves in 2018

Illustrative image (Source: VNA)

Illustrative image (Source: VNA)

The Vietnam National Oil and Gas Group (PetroVietnam) is targeting an increase of its oil and gas reserves by 10-15 million tonnes in 2018. 

To that end, the firm will promote exploration work, with priority to be given to developing projects in Bloc B, Ca Voi Xanh (Blue whale), and Ca Rong Do (Red dragon fish), thus ensuring its long-term development. 

It will also coordinate with petroleum contractors in comprehensively implementing measures to strictly control the development of oilfields, and safely and stably operate relevant projects. 

Divestment at PetroVietnam’s subsidiaries will continue to be accelerated in line with the 2017-2020 plan approved by the Prime Minister. 

Attention will also be paid to streamlining the management apparatus, and rectifying the evasion, irresponsibility and failure of staff to meet the requirements.

Besides, the group has also kept a close watch on global oil prices in 2018, thus devising appropriate solutions to the issue. 

Overcoming many difficulties, PVN managed to surpass all business production targets in 2017. The domestic yield of crude oil was 1.29 million tonnes beyond the yearly set target, and its contribution to the State budget exceeded 22.9 trillion VND (over 1 billion USD), significantly contributing to the national GDP growth.