Despite territorial disputes that have made work more difficult, oil prospecting and drilling activities will continue in the disputed East Sea.
 |
| Binh Minh 02, a seismic exploration ship owned by the Vietnam National Group of Oil and Gas, saw disturbed by Chinese ships over the past one and half years. Photo by Thanh Nien |
At a press conference on December 27, Phung Dinh Thuc, Chairman of the Vietnam Oil and Gas Group (PetroVietnam) said their activities were becoming more difficult after a Chinese oil and gas company in June invited foreign oil bids for nine oil blocks, which lie entirely within Vietnam’s 200-nautical mile exclusive economic zone and continental shelf. The situation escalated after cables on their exploration ships were severed by Chinese fishing vessels.
Thuc said, "Our activities are in accordance with international laws and we are prepared for any scenario."
He further said PetroVietnam would tighten control over offshore activities and any exploration and extraction projects in 2013.
Despite the disputes and difficulties, PetroVietnam has achieved its goals in 2012. The group’s total revenue reached VND772 trillion (USD37 billion), an increase of 14.4% compared to 2011. The group also contributed VND186 trillion to the state budget, 18.5% higher than their goal.
The group has sent their restructuring plan for the 2012-2015 period and is waiting for the Prime Minister's approval of the plan in January.