Vietnam now ranks as the fourth largest exporter of crude oil in Southeast Asia with 25% of the State budget sourced from the oil and gas sector, said State-owned oil giant PetroVietnam. Vietnam Oil and Gas Corp (PetroVietnam) has targeted processing 25-38 million tonnes of oil annually from now to 2020, said a corporation official at a meeting in Hanoi August 26.
PetroVietnam has extracted some 200 million tonnes of crude oil since the first exploration in Bach Ho major oilfield back in 1986, of which the export of 180 million tonnes earned US$34 billion.
Two oil reserves were recently discovered off Vietnam’s coast, said PetroVietnam general director Tran Ngoc Canh.
Specifically, the UK oil exploration company Soco International struck oil on the Te Giac Trang structure off the coast of central Vietnam. The oilfield is has reserves estimated to yield 9,432 barrels of oil equivalent and 4.86m cubic feet of gas per day.
Meanwhile, Cuu Long Joint Operating Co discovered a new field at Su Tu Nau, but has yet to define the oil reserve.