Vietnam oil output rises

Vietnam oil output rises

HANOI (AFP): Vietnam's petroleum output will reach 6.9 million tons this year, a rise of 600,000 tons over 1993's production level, the state-run press said here yesterday.

The Vietnamese-Russian joint venture VietsovPetro this year has extracted 6.7 million tons from the Bach Ho, or White Tiger, tract off the coast of southern Vietnam, the reports said.

In 1993, output from the tract hit only 6.3 million tons.

Bach Ho is expected to produce 7.5-8 million tons annually between 1995 and 1998.

At present, Bach Ho's total output is exported to Singapore and Japan to be refined.

Vietnam plans to complete its first refinery by the close of the century.

Vietnam is the fourth-largest producer of crude oil in southeast Asia, behind Indonesia, Malaysia and Brunei.

Vietnam has signed about 30 exploration contracts with foreign oil companies, including the U.S.-based Mobil Oil.