PetroVietnam Reveals Oil and Gas Production Targets for 2013
State-backed PetroVietnam revealed Thursday that it aims to produce 16 million metric tonnes of crude oil (112 million barrels of crude oil equivalent) and 9.2 billion cubic meters of gas in 2013.
In 2012, the company produced 16.7 million tonnes of crude; 5.6 percent than its initial target and 9.8 percent more than in 2011.
PetroVietnam also disclosed that it produced 9.3 billion cubic meters of gas in 2012, 3.3 percent more than in its target and up 6.9 percent from 2011.
PetroVietnam acknowledged in its disclosure that territorial tensions in the South China Sea have made offshore exploration "difficult".
"It increases the cost of drilling … and make the Group's activities in the region more complicated," PetroVietnam said in its statement.
Relations between China, Vietnam and the Philippines plummeted to a new low this year amid contesting claims from all three countries for the Spratly Islands and the surrounding hydrocarbon-rich resource waters.
The continued disagreement has led to fierce clashes between the three countries. Several of these confrontations involved shots fired by Chinese patrol vessels and accusations by Vietnam that Chinese forces have twice severed exploration undersea cables in a disputed area.
PetroVietnam made it clear through its statement that it will not make any concessions about the South China Sea dispute. As part of its goals for 2013, PetroVietnam resolved to maintain a "tight control [over] oil and gas activities in the South China Sea."
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