The state-owned Vietnam National Oil and Gas Group (PetroVietnam) has set a goal of producing 16-17 million tonnes of petroleum per year by 2015.

PetroVietnam’s bio-gasoline E5 was put on the market in August 2010

The expected volume could satisfy 50-60% of the national petroleum demand.

The target is part of PetroVietnam’s development plan for the 2011-2015 period, which has just been approved by Prime Minister Nguyen Tan Dung.

Under the plan, PetroVietnam will boost oil and gas exploration and production in order to increase its oil and gas reserves by 35-45 million tonnes of oil equivalent per year. The group plans to produce 23-34 million tonnes of oil equivalent per year by 2015.

PetroVietnam is expected to ensure a sufficient gas supply for domestic industrial production and household consumption, in addition to investing in infrastructure for liquefied natural gas (LNG) imports.

During the period of the next five years, with an expected 16-17 million tonnes of petroleum per year, PetroVietnam would meet 50-60% of the national petroleum demand, supply 60-70% of domestic fertilizer demand, and 50-60% of the demand for petrochemical materials and products.

The company will also put three bio-ethanol production plants into operation, with a plan to develop a network for the production and distribution of bio-fuels by next year. They aim to begin marketing these products by 2015.

Revenue from its oil and gas services is expected have a growth rate of 20% per year by 2015.