Vietnam’s crude oil output is estimated to fall 8.6 per cent on year to 66.62 million barrels in the first seven months this year, or 315,745 barrels per day, the government’s General Statistics Office (GSO) showed Friday.
In July alone, the output was down 6.2 per cent on-year and but up 15.57 per cent on-month to 9.79 million barrels, or 315,900 bpd, it said.
A source from Vietnam’s oil monopoly PetroVietnam said the shrinking oil output was resulted from shrinking production in many oilfields.
Production in Hong Ngoc (Ruby), Rang Dong (Dawn), Su Tu Den (Black Lion) and several other fields fulfilled only 43.1 per cent of this year’s target during the first half of this year. Dai Hung (Great Bear) field realized 6 per cent of this year’s target with 220,000 barrels.
Furthermore, the oil production is also seriously affected by poor overseas operations, especially PetroVietnam’s failure to buy oil field in the Kazakhstan. PetroVietnam is an oil monopoly firm in Vietnam.
PetroVietnam said the country’s crude oil output is expected to reach 123 million barrels, lower than the initial target by some 7 million barrels.
However, Vietnam retains its third largest crude oil producer position in Southeast Asia.
Also in the first seven months of 2007, Vietnam brought ashore 4.43 billion cubic meters of gas, up 0.5 per cent on year, including 503 million cubic meters in June, down 4.9 per cent on year.
The communist-ruled nation tapped 177,000 tons of liquefied petroleum gas (LPG), down 11.4 per cent on year.
Without major refining facility, Vietnam now exports most of its crude oil while heavily relying on refined oil imports.
Also according to GSO figures, Vietnam’s crude oil export volume in the January-July period is estimated at 6485 million barrels valued at US$4.43 billion, down 8.6 per cent in volume and 11.3 per cent in value on year.
Meanwhile, it spent US$4.06 billion to import 7.55 million metric tons of petroleum products in the year to date, both up 12 per cent on year. (GSO July 2007)
Vietnamese
