Petrovietnam

Capex

PetroVietnam plans to invest about $4.5 billion in its gas production operations between 2007 and 2010. In addition, the company has said it plans to invest $100 million annually in the next several years to prospect for oil and gas in other countries to boost its oil reserves.

Production

Petrovietnam expects crude production in 2008 to be around 119.7 million barrels, or about 320,000 barrels per day, almost unchanged from 2007. Crude output in 2007 was 118.9 million barrels and export revenues reached a record $8.8 billion.

Petrovietnam officials have said production at the country's biggest oilfield, Bach Ho, would decline by about 20,000 to 25,000 bpd each year between now and 2014. In 2007, Bach Ho's output was at 173,000 bpd, accounting for nearly 55% of the country's total crude output.

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