Hanoi: With oil prices falling quicker a lead filled ballon the Vietnam National Oil and Gas Group (PetroVietnam) is likely to slash oil production this year by around 450,000 tonnes.
PetroVietnam chairman Nguyen Xuan Son told local media the group was considering decreasing production in oil fields where production costs are higher than $50 a barrel.
The chairman also said the company would look at increasing oil reserves if prices fall to around $40-45 a barrel, and selling them when the price situation improves. [19/01/15]
