Saturday, January 26, 2008

PetroVietnam targets 23.5 million of equivalent oil this year

Nhan Dan - The National Oil and Gas Group (PetroVietnam) has set a target of producing 23.5 million tonnes of equivalent oil this year, including 16 million tonnes of crude oil and 7.5 billion cubic metres of gas.

The figures were released at a meeting to review the group's activities in 2007 and orientations for 2008 in Hanoi on January 25.

To reach these goals, PetroVietnam will speed up the exploration of new oil fields and bring online as well as speeding up construction of major projects.

After one year of operating under the group model, the Vietnam National Oil and Gas Group (PetroVietnam) reported an all-time high total revenues in 2007 of VND 213.4 trillion (US $13.3 billion), up 18.4% against the previous year and 27% against the targeted figure.