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Energoterra

PetroVietnam reports on its results

Июня 23, 2014

The state oil-and-gas group PetroVietnam (PVN), Gazprom International's largest Vietnamese partner, has announced its production and financial results for the first five months of the year.

According to the figures, in May 2014 PetroVietnam produced 1.4 million tonnes of oil, 6% more than in May of the previous year. In total, from January to May 2014, it produced 7.1 million tonnes of oil (up 1.5%).

The production of gas in May amounted to 1 billion cubic metres, up 3.7% year-on-year. In the first five months of the year, PVN produced 4.5 billion cubic metres of gas (up 1.5%).

62,900 tonnes of liquefied petroleum gas (LPG) were produced in May, 5.8% more than in May 2013. Total production of LPG for the first five months of 2014 was up 8.7% to 314,300 tonnes.

From January to May, 2.37 million tonnes of refined oil were produced at PetroVietnam's refinery in Zung Kuat, of which 280,000 tonnes were produced in the last month.

In this way, PetroVietnam's total revenue for the first five months amounted to 301 trillion dong (USD 14.3 billion).

In 2008, Gazprom International and PetroVietnam (PVN) set up the joint operating company Vietgazprom, as part of a Cooperation Agreement to conduct geological exploration work in several blocks in Vietnam's continental shelf.

The joint venture is involved in projects to develop blocks No. 112, Nos. 129–132, and Nos. 05-2 and 05-3 in the Socialist Republic of Vietnam's offshore zone. Gazprom International is also involved in the joint Vietnamese–Russian PVGAZPROM Natural Gas for Vehicles project, for the production of natural gas motor fuel.

Gazprom and PetroVietnam signed a Strategic Partnership Agreement in 2009. Under the agreements, the parties will continue their joint work in the blocks of Vietnam's continental shelf under previously concluded oil-and-gas contracts, and will also examine future possibilities for companies cooperating in available licensed blocks. The agreement also provides for active cooperation between Gazprom and PetroVietnam in oil-and-gas projects on the territory of Russia, Vietnam and in third countries, on the basis of the Gazpromviet company established by Gazprom and PetroVietnam.

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