PetroVietnam targets 15 million tonnes of crude oil by 2010

The Vietnam Oil and Gas Group (PetroVietnam) said that the export turnover of crude oil is expected to reach US$6.9 billion this year, down by 40 percent compared to last year.

In the past eight months, the country’s export turnover of crude oil has reached US$4.6 billion and the average price of crude oil for the whole year is estimated to be US$60 per barrel (down 42 percent/barrel compared to last year).

PetroVietnam plans to tap into 15 million tonnes of crude oil by 2010, export 9.43 million of tonnes, supply 5 million tonnes to the Dung Quat oil refinery in the central province of Quang Ngai and exploit 0.59 million tonnes overseas. PetroVietnam will work with its contractors to carry out exploration projects both inside and outside of the country, mostly focusing on Africa, America and South East Asia.

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