Vietnam stands Asia third oil producer

Vietnam has displaced Brunei as the third largest oil producer and exporter in Southeast Asia, Tran Ngoc Canh, the general manager of state oil company PetroVietnam, informed. 

Vietnam’s oil incomes in the last five years surpassed US$25 billion, thus contributing 25 percent to the country’s annual state budget.

In 2005 alone, the company exported 18 million tons of oil at  $7.4 billion, for a 28 percent budgetary contribution.

Tran Ngoc Canh informed PetroVietnam’s success is mainly due to the discovery of new oil and natural gas deposits in several local fields rich in hydrocarbons, and another two in Algeria and Malaysia, countries where the company has been operating.

PetroVietnam is performing joint oil prospecting and exploitation activities in Indonesia, with Pertamina Oil Company, and in Malaysia with Petronas.

The firm is currently negotiating the signing of 50 contracts at $7 billion, for joint ventures both home and abroad.

(Source: Thanhniennews)