PetroVietnam's Gas Output to Rise

Petrovietnam projects the company will produce 8.4 billion cubic metres of natural gas in 2012, up nearly 3% from this year.

Petrovietnam is also raising its 2012 crude oil output target to 15.8 million tonnes, or 317,500 bpd, up 5.3% from this year, largely due to increasing overseas production, local media reports said.

Meanwhile, reports also suggest that the company is planning to start development of oil and gas fields at Kossor Investment Block in Ustyurt region of Uzbekistan from the second half of 2013.

The company will begin drilling the first exploration well at the contour of palaeozoic deposits in the licensed area in early 2012.

Uzbekneftegaz and PVEP signed agreement on conducting exploration works at Kossor Investment Block in Ustyurt region in 2010.

In 2010, Uzbekneftegaz and PVEP also signed a memorandum on possibilities of holding oil and gas exploration works at Bukhara-Khiva region of Uzbekistan.