Vietnam's PVEP to invest $16.5 bil in upstream operations 2011-15
State-owned PetroVietnam's upstream arm, PVEP, plans to invest $16.5billion in upstream oil and gas operations in 2011-15, PVEP's directorgeneral Do Van Khanh said Monday.
He did not specify how much the company invested in 2011 but said PVEPhad invested an average of $1 billion-$1.5 billion/year on exploration andproduction in 2007-11.
The investment for 2011-15 will be used to help the company produce 44million mt (around 322.5 million barrels) of oil equivalent, 34 million mt inVietnam and 10 million mt in other countries, over the five-year period, saidKhanh.
PVEP plans to sign 20-22 new oil and gas contracts both in Vietnam andabroad in 2011-15.
PVEP will actively implement deepwater oil and gas projects a long wayoffshore Vietnam in politically sensitive areas, Khanh said, adding that itwill help enhance Vietnam's sovereignty claims in the disputed South ChinaSea.
Tensions in the region have risen again since last month following astand-off between the Philippines and China over the Scarborough Shoal.
Vietnam, China, the Philippines, Malaysia, Brunei and Taiwan all claimsovereignty over overlapping areas in the South China Sea, a region that isbelieved to contain significant oil and gas resources. The South China Sea isalso home to vast fishing grounds and hosts shipping routes that are vital toglobal trade.
In 2011, PVEP pumped 8.01 million mt of crude oil or 52.7% of Vietnam'stotal crude output; 8.17 billion cubic meters of gas, or 98% of the country'stotal gas output for the year. Most of this was from the South China Sea, thecompany said earlier this year.
It planned to raise its production of crude and condensate by 9.7% to8.79 million mt and gas by 7.6% to 8.4 Bcm in 2012.
As of May 14 this year, PVEP is conducting 62 oil and gas projects,including 44 projects in Vietnam and 18 projects in 15 countries.
He did not specify how much the company invested in 2011 but said PVEPhad invested an average of $1 billion-$1.5 billion/year on exploration andproduction in 2007-11.
The investment for 2011-15 will be used to help the company produce 44million mt (around 322.5 million barrels) of oil equivalent, 34 million mt inVietnam and 10 million mt in other countries, over the five-year period, saidKhanh.
PVEP plans to sign 20-22 new oil and gas contracts both in Vietnam andabroad in 2011-15.
PVEP will actively implement deepwater oil and gas projects a long wayoffshore Vietnam in politically sensitive areas, Khanh said, adding that itwill help enhance Vietnam's sovereignty claims in the disputed South ChinaSea.
Tensions in the region have risen again since last month following astand-off between the Philippines and China over the Scarborough Shoal.
Vietnam, China, the Philippines, Malaysia, Brunei and Taiwan all claimsovereignty over overlapping areas in the South China Sea, a region that isbelieved to contain significant oil and gas resources. The South China Sea isalso home to vast fishing grounds and hosts shipping routes that are vital toglobal trade.
In 2011, PVEP pumped 8.01 million mt of crude oil or 52.7% of Vietnam'stotal crude output; 8.17 billion cubic meters of gas, or 98% of the country'stotal gas output for the year. Most of this was from the South China Sea, thecompany said earlier this year.
It planned to raise its production of crude and condensate by 9.7% to8.79 million mt and gas by 7.6% to 8.4 Bcm in 2012.
As of May 14 this year, PVEP is conducting 62 oil and gas projects,including 44 projects in Vietnam and 18 projects in 15 countries.
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