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PetroVietnam to push overseas activities

Released at: 10:53, 28/07/2015

PetroVietnam to push overseas activities

Oil and gas giant to seek further investments abroad over the next five years.

by Tien Minh

The Vietnam National Oil and Gas Group (PetroVietnam, or PVN) plans to expand its overseas activities, especially in the area of oil and gas exploration and production.

Over the next five years it will seek partners in promising regions such as Russia and the Commonwealth of Independent States, Southeast Asia, North and South America, North Africa, and the Middle East, which have vast oil and gas potential, good investment climates, and existing relationships with Vietnam. 

The feasibility, economic efficiency and political and economic risks of each project will be carefully evaluated before investments are made. 

PVN has also worked to make effective use of domestic natural resources, especially oil and gas and non-renewable fossil fuels.

Human resources and technological development remain the priorities, to mitigate risks and guarantee effective investment in oil and gas projects.

Between 2010 and 2015 PVN put 29 additional oil and gas sites into use, producing 82.85 million tonnes of crude oil and 47.82 billion cubic meters of gas. 

Over the past five years the group has signed 37 new oil and gas contracts and important cooperation agreements with international companies in oil and gas exploration and exploitation.

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