Petrovietnam calls for investment in its newly-found gas fields

Vietnam Oil and Gas Group (Petrovietnam) is calling for investment in exploring and exploiting two newly-found gas fields.

An offshore project by Petrovietnam. Photo: Petrovietnam

The call was made at the meeting on January 11 with the participation of Prime Minister Nguyen Xuan Phuc.

The gas fields, discovered in 2020, are Ken Bau-2X, located in Block 114, Song Hong (Red River) Basin, which is estimated to provide 9 trillion cubic feet in place with 400-500 million barrels (Mbbl) of associated condensates, and Block 16-1/15 is located in the western part of Cuu Long basin and 80 km southeast of Vung Tau City.

Speaking at the event, the Government leader said Petrovietnam showed its efforts in overcoming difficulties and is good at both doing business and protecting sovereignty.

Mr. Phuc requested the group to strengthen cooperation with foreign partners, mostly Russians to tap potential for further development and ensure security for contractors as well.

Prime Minister Nguyen Xuan Phuc (3rd left) and Petrovietnam's Chairman of the Board of Directors Hoang Quoc Vuong. Photo: Petrovietnam

He urged the group to apply advanced technologies to production and take advantage of free trade agreements.

Petrovietnam performed well in 2020 despite a sharp fall in global petroleum prices and unprecedented challenges caused by the Covid-19 pandemic.

Petrovietnam said it made VND566 trillion (US$24.2 billion) and gained VND17.5 trillion (US$761 million) worth of pre-tax profit.

In 2020, the group produced 11.47 million tons of crude oil, 11.87 million tons of petroleum, 9.16 billion cu.m of gas, 1.8 million tons of nitrogen, and 19.17 billion kWh of electricity.

The group said it paid VND83 trillion to the State budget.

In 2020, Petrovietnam was listed among three biggest companies in Vietnam behind Samsung Vietnam and Vietnam Electricity (EVN).