The Vietnam National Oil and Gas Group (PVN) plans to expand oil and gas exploration and production activities in foreign countries.

The group has also worked to make effective use of domestic natural resources, especially oil and gas and non-renewable fossil fuels.

Between 2010 and 2015, PVN put 29 additional oil and gas mines into use, producing 82.85 million tons of crude oil and 47.82 billion cubic meters of gas.

PVN oil rig. Photo: vtc.vn

Over the past five years, the group has struck 37 new oil and gas contracts and important cooperation agreements with international companies in oil and gas exploration and exploitation.

In the next five years, PVN will seek partners in promising regions such as Russia and the Commonwealth of Independent States (SNG), Southeast Asia, North and South America, North Africa and the Middle East which have vast oil and gas potential, good investment climate and relationships with Vietnam.

The feasibility, economic efficiency and political and economic risks of each project will be carefully evaluated to enhance management.

Apart from increasing cooperation with foreign partners, PVN will propose the Government amend international regulations and contents of signed contracts to ensure the proactive and decisive role of the host country.

Human resources and technology development remain priorities to mitigate risks and guarantee effective investment of oil and gas projects.

Source: VNA