Vietnam’s Deputy Prime Minister Nguyen Tan Dung is encouraging state Vietnam Oil and Gas Corporation’s (PetroVietnam’s) efforts to step up oil exploration and drilling investments at home and abroad. But he has also demanded that the company undertake its projects more effectively and efficiently, said the Vietnam News agency.

At a recent meeting to review the company’s operations for the first half of the year, Mr Dung said PetroVietnam should increase its efforts to meet deadlines for key national projects.

He reminded PetroVietnam leaders to better manage the company and fight corruption.
PetroVietnam’s export revenue from the sale of 9.7 million tonnes rose 30% to US$2.5 billion in the first six months of the year.

According to the Vietnam News agency, general director Tran Ngoc Canh said the company has raised production targets for this year to 17 million tonnes of crude oil and 5.7 billion cubic metres of gas.

From six oil fields, the Bach Ho (White Tiger), Rong (Dragon), PM3/Cai Nuoc, Hong Ngoc(Ruby), Rang Dong, Su Tu Den(Black Lion) and one gas field, Lan Tay-Lan Do off the southern province of Ba Ria-Vung Tau, PetroVietnam is producing 50,000 tonnes of crude and 16 million cu.m of gas per day.

Of this, Block 15.1 in the Su Tu Den field yielded 1.6 million tonnes of crude oil by June, fulfilling the year’s target of 1.5 million tones.

Abroad, PetroVietnam has landed exploration contracts in Indonesia’s blocks Madura I & II, blocks PM304 and SK 305 in Malaysia, and blocks 433a and 416b in Algeria.