Deputy Prime Minister Hoang Trung Hai has instructed Vietnam Oil andGas Group (PetroVietnam) to pursue the strategy to expand oil and gasactivities overseas to preserve domestic resources and guarantee energysecurity in spite of the difficulties and challenges.

At the group’s video conference on January 19, the Deputy PM saidVietnam will experience a shortage in energy and will have to importfuel by 2020. He said therefore it is important to make preparations tomeet the increasing domestic demand for energy, which will have greatimpacts on the country’s socio-economic development and competitiveness.

“In the next decades, energy security will be oneof the four most important issues, and the oil and gas sector plays animportant role in energy security,” Hai said, adding that PetroVietnamshould build a long-term plan for the sector, taking into account theimpacts of climate change, to submit to the Party’s Politburo.

Hai also required the group to improve its administrative efficiency,increase productivity, and actively implement its restructuring plan.

According to Director General Do Van Hau, PetroVietnamwill focus on coordinating with contractors to increase domestic oilproduction in 2013.

The group will alsoaccelerate surveys and negotiations abroad to purchase new oil fieldsand increase oil reserves to 35-40 million tonnes.

In particular, it will speed up mining in new oil fields in Russia and Venezuela .

In 2013, the group will maintain stable operations in Dung Quat oilrefinery, start the construction of Nghi Son oil refinery and completeprocedures for the Long Son oil refinery project./. VNA