PetroVietnam Exploration Production Corp., or PVEP, said Friday that it will invest $16.5 billion in oil exploration and production from 2011 to 2015.
The leading production unit of the state-run Vietnam Oil and Gas Group, or PetroVietnam, will sign between 20 and 22 new oil contracts in the period, it said in a statement.
PVEP said it expects to raise its proven crude oil reserves by 122 million metric tons in the period.
It said its total crude oil output will be 44 million metric tons during the period, comprising 34 million tons from domestic oil fields and 10 million tons from overseas fields.
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Vietnam PVEP: Plan $16.5 billion oil exploration, production
PetroVietnam Exploration Production Corp., or PVEP, said Friday that it will invest $16.5 billion in oil exploration and production from 2011 to 2015.
Source: Dow Jones
