State oil and gas group Petrovietnam aims to pump 17.62 million tonnes (354,000 barrels per day) of crude oil this year, up about 5 per cent from 2013, which could beat both its own and the government’s production targets, the group said.

The Hanoi-based firm plans to produce 4.91 million tonnes of crude oil in the last three months of 2014, after having pumped 12.71 million tonnes in the January-September period, it said in a statement.

It will “urge oil and gas contractors to ensure their plans for exploration and exploitation of oil and gas, developing and exploiting oil and gas fields in the fourth quarter are in line with the plan,” the statement said.

Last year Petrovietnam, which enjoys a monopoly in gas and oil refinery among others in the energy sector, produced 16.71 million tonnes of crude oil.

The government has set a target for Petrovietnam to produce 16.21 million tonnes of crude oil this year, while the group has said it would strive to tap 16.83 million tonnes from both domestic and overseas operation.

Meanwhile, Russia’s OAO Gazprom Neft is accelerating talks with Petrovietnam, to buy a stake in the Dung Quat oil refinery.