Vietnam Oil and Gas Group (PetroVietnam) has discovered a major gas deposit off the country's central coast, the company's chairman said Wednesday.
The deposit, located about 80 kilometers (50 miles) off the coast of Quang Nam and Quang Ngai may contain the largest gas reserve ever discovered in Vietnam, according to the state-owned company.
“We are carrying out many activities to determine the scale of the reserve and harvest gas to power our energy plants,” Nguyen Xuan Son, PetroVietnam's chairman, said at a regular meeting of the state-owned company.
“We are expecting to supply gas to the plants starting in 2021.”
During the meeting, Son said PetroVietnam plans to withdraw all of its investments in non-core businesses at 11 affiliates by late 2015, including a total of VND5 trillion (US$235 million) from PVcombank and Oceanbank.
PetroVietnam’s revenues in the first nine months of this year topped VND560.1 trillion (US$26.36 billion), of which VND125.5 trillion was added to the state coffers.
The company has harvested 12.71 million tons of oil and 7.64 billion cubic meters of gas in 2014.
It has made five oil and gas discoveries and signed three new contracts, according to the company report.