Oil rigs of Vietsovpetro, a joint venture between PetroVietnam and a Russian group, at Bach Ho oil field.-VNA/VNS Photo Huy Hung General Director of Vietnam Oil and Gas Group (PVN) Nguyen Vu Truong Son warned of this possibility at a seminar held by the National Assembly’s Economic Commission and PVN in Ha Noi on Monday, titled “Vietnam Petroleum Industry in the Fourth Industrial Revolution – Development and Integration”. Son said PVN’s crude oil output was up to 25 million tonnes in 2017, but that exploration had only yielded new sites containing four million tonnes. “The exploration activity in the first eight months of this year reached only two million tonnes because PVN does not have the resources to sustain such a high risk activity,” said Son. “If the imbalance between exploration and exploitation continues to increase, the industry will only be able to sustain its petroleum output for a few more years before it will drop by roughly two thirds,” he said. Meanwhile, Son said the current mechanism of attracting foreign investment in exploration activities was no longer effective. PVN Chairman Tran Sy Thanh, who is also deputy chairman of the Central Party Committee’s Economic Commission, said no new projects… Read full this story
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