PetroVietnam to buy oil fields abroad

The Vietnam Oil and Gas Group (PetroVietnam) is going to buy more oil fields abroad to counter the oil and gas shortages.

PetroVietnam is in the process of buying a Kazakhs company which owns some oil fields with reserves of tens of millions tonnes.

Since early this year, PetroVietnam has signed six new oil contracts with foreign partners, bringing the total to 13 exploring and exploiting projects overseas.

YTD, the group has extracted 33 million tonnes of oil, nearly meeting its yearly target. Its revenues reached VND 143.1 trillion (around US $8.94 billion), up 4% from the same period last year.