PetroVietnam to buy oil fields abroad
07:07 | 31/10/2007
VNGOP – The Việt Nam Oil and Gas Group (PetroVietnam) said it will buy oil fields abroad to counter the threat of oil and gas shortage.

PetroVietnam’s General Director Trần Ngọc Cảnh said the group is in the process of buying a Kazakhstan company which owns some oil fields with reserves of tens of millions tons.

Mr. Cảnh further said that since early this year, PetroVietnam has signed six new oil contracts with foreign partners, bringing to 13 the total number of its exploring and exploiting projects overseas.

Over the past 10 months, the group extracted 33 million ton of oil, nearly fulfilling its yearly target. Its revenues reached VND 143.1 trillion (around US $8.94 billion), up 4 percent from the same period last year.

(Source: VNA)

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