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PetroVietnam Revenue Rises 28% in 2011 on New Oilfields

Jan. 16 (Bloomberg) -- Vietnam Oil & Gas Group, a state-owned oil producer, said revenue rose 28 percent to 320.6 trillion dong ($15.3 billion) in 2011 as it discovered new offshore oilfields and put other ones into operation.

PetroVietnam, as the company is known, said crude oil output reached 15.21 million metric tons last year, equal to 101.4 percent of its full-year target, according to an e-mailed statement today.

In 2011, PetroVietnam discovered three oilfields and put five new oilfields into operation, of which three are in Vietnam and two are overseas, it said in the statement. Hanoi-based PetroVietnam also said production from its Dung Quat oil refinery of 5.43 million metric tons exceeded targets.

The company expects output of crude and condensate to reach 24.8 million metric tons this year, from 23.91 million metric tons last year, according to the statement.

Crude production in 2012 may be 15.8 million tons while revenue may total as much as 660 billion dong this year, PetroVietnam said.

To contact Bloomberg News staff for this story: Nguyen Kieu Giang in Hanoi at giang1@bloomberg.net

To contact the editor responsible for this story: K. Oanh Ha at oha3@bloomberg.net

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