Crude oil production in June is estimated to reach 1.39 million tonnes, bringing the total output for the first 6 months of this year to 8.65 million tonnes, an increase of 20 percent compared to the same period last year, the Vietnam National Oil and Gas Group (PVN) announced at a press conference on June 18 in Hanoi.

With the increasing levels of production, crude oil exports in June reached 1.37 million tonnes, bringing the amount for the first 6 months of this year to 8.35 million tonnes, up 18 percent against the same period last year.

However, the price of crude oil on average in the first 6 months only rose to US$54 per barrel, less than half of the price in the same period last year. As a result, the turnover of crude oil exports only reached US$3.38 billion, US$2.22 billion less than in the same period last year.

To ensure the targets for 2009, PVN will continue to work with oil contractors to start new projects to drill for more oil to increase annual production to 35-40 million tonnes.

From now until the end of this year, PVN will put 4 new wells into production, including two domestic wells. The Nam Rong-Doi Moi field is scheduled to be operating by the fourth quarter of 2009, the Peal (Petronas) by September, the two foreign fields, D30 (in Malaysia) by October 30 and Dana (also in Malaysia) by November 30.

(Source: VOVNews)