Vietsovpetro Sees Lower Oil Output Next Years
Vietsovpetro, a 50:50 oil and gas joint venture between Vietnam and Russia, forecast its oil output in Vietnam to fall significantly in the coming years after a surge next year, local media said.
Vietsovpetro expects to produce 8.69 million tons of crude oil in 2007, 7.13 million tons in 2008, 6.13 million tons in 2009 and 5.26 million tons in 2010.
To keep the output, Vietsovpetro will develop to start productions at Nam Rong - Doi Moi oilfield by 2009, which is estimated to hold 57 million tons of crude oil, a company official said.
In 2006, the company also discovered Southern Central Rong field, which has not been identified reserves.
Hoang Van Quy, director of Vietsovpetro scientific research department, said Rong area contains large oil reserves.
Vietsovpetro is now the operator of Vietnam’s largest oil field, Bach Ho.
Vietsovpetro oil production accounts for around 60 per cent of Vietnam’s total output.
From 1986 to 2006, Vietsovpetro produced 160.6 million tons of crude oil and earned nearly US$33.4 billion revenues.
Vietsovpetro was founded in 1981. (Vietnam Industrial Times)
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