The Vietnam Oil and Gas Group (Petroyietnam) has adopted a new development strategy for the 2008-2015 period, says the group’s Chairman Dinh La Thang.

Petrovietnam intends to find new fields to ensure potential reserves of between 35 and 40 million tonnes of crude oil equivalent, he says.

According to Mr Thang, Petrovietnam plans to tap up 25 to 35 million tonnes of oil equivalent a year, of which 18 to 20 million tonnes will be crude oil as well as between 6 and 17 billion cubic meters of gas per year.

A streamlining of the use of gas resources will be put in place to increase gas supplies for the production of power, fertiliser and chemicals to ensure adequate supplies for industry, transportation and private consumption, he adds.

The company is also committed to supplying between 10 and 15 percent of the country’s electricity output.