PetroVietnam to Buy Oilfields Abroad

PetroVietnam said it will buy oilfields abroad to counter the threat of oil and gas shortage.

PetroVietnam's General Director Tran Ngoc Canh said the group is in the process of buying a Kazakhstan company which owns some oilfields with reserves of tens of millions tonnes.

Canh further said that since early this year, PetroVietnam has signed six new oil contracts with foreign partners, bringing to 13 the total number of its exploring and exploiting projects overseas.

Over the past 10 months, the group extracted 33 million tonnes of oil, nearly fulfilling its yearly target. Its revenues reached 143.1 trillion VND (around 8.94 billion USD), up 4% from the same period last year.