Vietnam Proven Oil Reserves

Vietnam has proven crude oil reserves of 3.1-3.3 billion barrels and aims to add up to 40 million tonnes of oil equivalent of new oil and gas reserves annually to meet soaring demand, Petrovietnam’s top official said.

Monday’s statement was the first time the state oil monopoly published its proven crude oil reserves, which it said were located in 60 mainly offshore oil and gas formations. They hold a total estimated reserves of up to 4 billion cubic metres of oil equivalent of oil and gas, the statement by Petrovietnam Chairman Dinh La Thang said.

“The focus would be on exploration to find new recoverable reserves with priorities on deep-water offshore and overseas exploration projects,” Thang said.

The unlisted oil company said on Monday it had been given government approval to transform into a business group which in essence would give Petrovietnam more autonomy in making investment decisions. Established in 1976, Petrovietnam has evolved into the largest state company in the communist-run country, with a capital base of 80 trillion dong (nearly $5 billion) and producing around 350,000 barrels of crude oil per day.