New oil fields set for exploitation off southern Vietnam

The Viet Nam Oil and Gas Group said Friday the first crude oil barrels from three new oil fields offshore southern Vietnam would be exploited over the next two months.

The three oil fields include Song Doc with an expected extraction rate of around 25,000 barrels per day (bpd), Phuong Dong with 23,000 bpd and Ca Ngu Vang with around 20,000 bpd.

The group, known as PetroVietnam, said its revenues reached more than VND144 trillion (US$8.5 billion) over the first half of this year, a year-onyear increase of 70.5%.

The company’s export revenue yielded $5.7 billion, equivalent to 160% of the year’s plan, as the group exploited more than seven million tons of crude oil, 95% of the year’s target.