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Vietnam oil reserves good for 30 years   2009-01-24 - Reuters

Vietnam’s current level of recoverable reserves of crude oil and gas are enough for another three decades of production, a local newspaper said Monday.



Vietnam has not been able to explore all its oil resources to come up with precise data on recoverable reserves, the Tien Phong (Vanguard) newspaper said, quoting chairman Dinh La Thang of state oil and gas group PetroVietnam.

“Counting the reserves we have discovered so far, production can last another 30 years,” Thang said in the interview, adding PetroVietnam was expanding exploration to boost reserves.

PetroVietnam has said that, excluding reserves at foreign oil fields, it added 34 million tons of crude oil and gas equivalent last year to recoverable reserves, which stood at 127 million tons at the start of 2009.

The group said it projected adding between 35 million and 40 million tons of crude oil equivalent to its reserves this year, stepping up exploration abroad to meet rising domestic energy demand.

PetroVietnam has forecast crude output this year would fall about 6 per cent to 15 million tons, or 301,000 barrels per day, due to ageing oilfields.

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