Vietnam Oil & Gas Group, or Petro Vietnam, recently announced it will continue to buy foreign oil and gas assets to produce nearly 100,000 barrels of oil a day overseas by 2020, The Wall Street Journal reported. The state-owned energy company said by increasing foreign oil, production could be brought home for refining to help meet the country’s rising energy demand.

Vietnam’s oil output is around 300,000 barrels a day. However, the government wants to increase output of hydrocarbons to help fuel the growing economy. In the last 10 years, the economy has grown by about 7 percent, the WSJ reported. Natural gas output in Vietnam is expected to reach 9.2 billion cubic meters. In 2012, the output was at 9.3 billion.

Vietnam is looking to explore in an area about 200 nautical miles from the country’s coast. However, the country is in a territorial dispute with China, and the WSJ said that could shadow offshore prospects.

“So far we have not made commercial discoveries [in disputed areas], but if there are commercial discoveries – and I am optimistic that we will have them – then we will start developing them if they are within our continental shelf,” said Do Van Hau, president and CEO of Petro Vietnam.

Source: Pennenergy.com