Crude output falls short of expectation

Hanoi (VNA) - It is difficult for the Vietnam National Oil and Gas Group (PetroVietnam) to achieve its yearly target of tapping 16.2 million tonnes of crude oil this year, according to a group executive.

So far this year, PetroVietnam has only 57 percent of the set target done,
the executive said, adding that output at the newly-operated oil fields such
as the Phuong Dong (East) and Ca Ngu Vang (Golden Tuna) has fallen short of
expectation and the exploitation at overseas oil fields was delayed due to
objective reasons.

Despite low crude oil output, PetroVietnam earned more than 8 billion USD
from exports in the first eight months of this year, up 80 percent from the
same period last year, thanks to higher price on the world market, the
executive said.

The oil price stood at an average 117.6 USD per barrel during the
eight-month period, 53.6 USD higher than PetroVietnam's expectation.

The executive said in a bid to realise the annual target, in the remaining
months of this year, PetroVietnam will put more oil fields into operation,
along with completing negotiations on three projects overseas with foreign
partners, including Zarubezneft and OAO Gasprom of Russia and PDVSA of
Venezuela.-Enditem