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PetroVietnam sets up strategy to 2015
PetroVietnam Chairman Dinh La Thang says the company has adopted a development strategy for the 2008-2015 period.
“PetroVietnam has set a target of finding new fields to ensure a potential reserve of between 35 and 40 million tonnes of crude oil equivalent,” Thang says.
The company is ramping up exploratory activities with priorities given to probing new fields in deep-water and offshore sites, he says.
PetroVietnam is diversifying its product by taking advantage of domestic and overseas petroleum reserves. This is also hoped to address the national economy’s increasing demand for fuel, energy and petrochemical products.
“In particular, the company plans to tap 25 to 35 million tonnes of oil equivalent a year, of which 18 to 20 million tonnes will be crude oil. It also aims to exploit between 6 and 17 billion cubic metres of gas per year,” Thang says.
A streamlining of gas resource usage will be put in place to boost gas consumption for the production of power, fertiliser and chemical substances to ensure adequate supplies for industries, transportation and private consumption.
The company is committed to supplying between 10 to 15 percent of the country’s electricity output.
“Under the plan, PetroVietnam will continue building the national gas pipeline system so it can connect with other Southeast Asian nations’ systems in order to facilitate Vietnam ’s gas export and import activities,” Thang says.
The company is actively wooing investment sources to develop the petroleum processing industry, he says.
Integrating oil refineries, petroleum liquefaction plants and gas processing establishments should create the energy products needed to meet the market’s domestic needs and be used as materials to provide for other industries.
Over the past 33 years, the domestic petroleum sector has put great effort into petroleum exploration and exploitation for the country and achieved encouraging results.
Since Sept. 1975, the sector has tapped 205 million tonnes of crude oil and more than 30 billion cubic metres of gas. With a revenue of more than 40 billion USD, the company has contributed 25 billion USD to State coffers, and created its own capital source of 80 trillion VND (4.8 billion USD).
Potential reserves of about 3 to 4 billion cubic metres of oil equivalent at 60 areas of petroleum potential have been discovered. Six of them have already been tapped.
In recent years, the industry has repeatedly reached targets of accruing potential reserves of 30 to 40 million tonnes of oil equivalent per year, a vital contribution to stabilising petroleum production.
Since the Foreign Investment Law was issued in 1988, the industry has signed 57 exploration and exploitation contracts worth 7 billion USD with foreign investors. Eight of them are still ongoing.
To ensure supplies of energy and fuel for the economy as well as its integration into the international petroleum community, PetroVietnam has expanded its exploration and exploitation activities aboard.
At present, the company has seven overseas projects, two of which discovered petroleum fields in Malaysia and Algeria.
The gas industry has also seen steady growth. Associated gas tapped from the Bach Ho (White Tiger) field supplied materials and energy for the Phu My Power-Fertiliser Plant, and created a large volume of liquefied petroleum gas (LPG) and condensate (liquid hydrocarbons separated from natural gas via cooling) for domestic use.
Meanwhile, the Nghi Son Refinery and Petrochemical Complex and the Southern Refinery are now on the drawing board. These new facilities are expected to supply materials and new products for various industries, particularly the petrochemical sector.
Diversified service forms in the petroleum industry, including technical support service, trading, finance and insurance, facilitated the development of petroleum-related industries and increased the sector’s revenues.
As for adjusting to its own economic growth as well as Vietnam’s, PetroVietnam has made several changes, including the equitisation of some member companies and adjustment of business operations to suit the shifting demands of a growing enterprise. Training has always been considered top priority by the management board and the company can now boast of staff of 22,000 skilled employees.
VNA
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