PetroVietnam Gas said its annual gas output was 10.4 billion cubic meters in 2015, 6.4% higher than its initial target, marking a record high for the company.
The company sold 1.32 million tons of liquefied petroleum gas, also well above its own annual target of 960,000 tons. Its condensate production was 57,700 tons, 20% higher than its target.
PV Gas did not reveal its revenue and profit figures but at the start of 2015, it said it expected to achieve a net profit of 11.3 trillion dong ($502 million) and pledged a dividend of 30% of chartered capital, basing its estimate on a crude oil reference price of $100 per barrel. But crude oil prices have plunged to below $40 per barrel by the end of the year.
Gas distribution center in Camau province
In the fourth quarter of 2015, PV Gas revealed its plans for development to 2035. It wants to become the fourth biggest gas producer in Southeast Asia by 2025 and sees its total assets growing to 128 trillion dong from the current 53 trillion dong.
The company is set to increase its gas output by 0.2-1.5 billion cubic meters per year from 2017, and targets total domestic gas output of 300 billion cubic meters in 2016-2035. PV Gas also plans to import liquefied natural gas from 2021 to meet over 70% of total LPG demand in the country.
The company also plans to invest in gas projects abroad in the next five years, which will add annual volumes of 5-10 billion cubic meters.
Currently, Vietnam has two main gas sources -- PM3 Ca Mau that produces output of about 4 million cubic meters per day, and Nam Con Son-White Tiger that produces daily output of around 20 million cubic meters. Experts warn that Vietnam's gas fields are likely to run out in the next decade due to overexploitation.
The company sold 1.32 million tons of liquefied petroleum gas, also well above its own annual target of 960,000 tons. Its condensate production was 57,700 tons, 20% higher than its target.
PV Gas did not reveal its revenue and profit figures but at the start of 2015, it said it expected to achieve a net profit of 11.3 trillion dong ($502 million) and pledged a dividend of 30% of chartered capital, basing its estimate on a crude oil reference price of $100 per barrel. But crude oil prices have plunged to below $40 per barrel by the end of the year.
Gas distribution center in Camau province
The company is set to increase its gas output by 0.2-1.5 billion cubic meters per year from 2017, and targets total domestic gas output of 300 billion cubic meters in 2016-2035. PV Gas also plans to import liquefied natural gas from 2021 to meet over 70% of total LPG demand in the country.
The company also plans to invest in gas projects abroad in the next five years, which will add annual volumes of 5-10 billion cubic meters.
Currently, Vietnam has two main gas sources -- PM3 Ca Mau that produces output of about 4 million cubic meters per day, and Nam Con Son-White Tiger that produces daily output of around 20 million cubic meters. Experts warn that Vietnam's gas fields are likely to run out in the next decade due to overexploitation.
nikkei.com
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