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The Vietnam Oil and Gas Corporation (PetroVietnam) is determined to conduct exploration projects in the East Sea despite Chinese aggressions, said its Chairman Dinh La Thang at a press conference in Hanoi on June 14.
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| Bach Ho oilrig |
PetroVietnam views China’s attacks on its assets on the East Sea as a setback. But, Thang said, the group attaches importance to protecting the country’s territorial waters.
“We will resolve all current disputes in the spirit of stability and peace, and with our main concern being Vietnam\'s national interests,” added Thang.
According to the chairman, PetroVietnam is striving to become a major player in the oil and gas industry of this region.
Between January and June of this year, the group earned revenues of around VND340 trillion (USD16.5 billion), a jump of 45% against the same period last year. In the final two quarters of the year, they plan to increase their oil reserves to 20-25 million tonnes, oil production to 30-35 million, and expects revenues of around VND300 trillion (USD14.6 billion).
Two PetroVietnam\'s seismic survey ships, the Binh Minh 02 and Viking II, had their exploration cables cut by Chinese ships on May 26 and June 9 respectively, blocking the group’s operations.
Vietnam has officially condemned Chinese’s actions, saying that China has violated the 1982 UN Convention on the Law of the Sea, as well as its pledge of using peaceful means to resolve all regional disputes.
According to Le Van Cuong, Former Chief of the Ministry of Public Security’s Strategy Institute, this was China’s way of testing the reactions of both Vietnam and the rest of the world. He said that at the Shangrila Dialogue, ASEAN countries, as well as others who benefit from economic activities on the East Sea, did not raise strong enough protests over the incident on May 26. As a result, he said, China continued its incursions on June 9.
If Vietnam does not take more assertive actions to deal with the issue, this aggressive behaviour could continue, he warned.
