Vietnam's Q1 crude exports soar 16.2 pct
HANOI - Vietnam estimated on Tuesday crude exports in the first quarter would jump 16.2 percent on a year earlier to 5.05 million tonnes, while oil products imports would increase 7.9 percent to 2.83 million tonnes.
The General Statistics Office forecast revenues from crude shipments, which equal around 37 million barrels, during the January-March period would surge 14 percent to $1.18 billion. Higher global oil prices led the value of oil product imports during the first quarter to increase 14.4 percent to $815 million. The government gave no reason for the increase but officials have cited higher output at several new producing fields including Su Tu Den and the Block PM-3 CAA project.
Operators of Su Tu Den, or Black Lion, which ranks second after the country's biggest field, the Bach Ho (White Tiger), have said they aimed to raise output from the field to 95,000 bpd by June from 70,000 bpd now. Bach Ho produces around 70 percent of Vietnam's total crude output. In January Canada's Talisman Energy Inc., which operates another offshore field, the Block PM-3 CAA project, said the firm would raise output this year to 60,000 bpd, above an initial forecast of 40,000 bpd.
Vietnam, Asia's sixth largest crude producer, imports the majority of its oil products and exports most of its crude -- its biggest cash earner -- as it lacks major refineries.
Reuters - March 30, 2004
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