State-owned PetroVietnam is scouring the country’s northwest mountains in an effort to uncover new oil and gas sources.
A report released by the company last week said the second phase of a exploration project for oil and gas in the An Chau Basin which spans 10,000km2 across Lang Son, Bac Giang and Quang Ninh provinces, according to VnExpress.
The first phase, started in 2012, has yet to yield any prospects.
Though the country has taken steps to develop its wind and solar potential, oil, natural gas and coal are slated to comprise 69% of Vietnam’s energy by 2030 with renewables checking in at only around 5%.
In the last 25 years, the country's energy infrastructure has developed at a breakneck pace, providing 98% of the Vietnamese population with electricity compared to just 54% in 1990.
PetroVietnam, the country's second largest energy company also recently announced its intention sell a 25% stake of its PV Power division this August in an initial public offering (IPO).
[Top image via Flickr user Hai Thinh]
