Do you want to seize opportunities in oil & gas-sector in Vietnam – an active petroleum country with busy exploration activities? Let us help you!
Although the crude oil price is low, the petroleum industry still plays an important role in Vietnam’s economy and contributes around 10% of the state budgets. In 2013, the Vietnamese government issued the revised Production Sharing Contract (PSC) to provide more relevant terms relating to exploration and production operations in the country.
In 2015, Vietnam Oil and Gas Group, Petro Vietnam (PVN) signed new petroleum contracts, increasing the number of effective contracts to nearly 66, with nearly 5,000 square kilometers seismic acquisition 3D and nearly 4,000 kilometers 2D being completed in the country.
PVN has completed 25 appraisal wells and 60 production wells with the additional reserve of over 40 million tons of oil equivalent. The total production of oil equivalent was at about 17 million tons; gas production was at 10.67 billion m3, making the highest volume since 1981. In five years from 2011- 2015 PVN signed more than 20 new petroleum contracts in Vietnam with over 82,000 square kilometers seismic acquisition 3D and approximately 207,000 kilometers 2D being completed and had completed 125 appraisal wells within the Vietnamese shelf.
Besides IOCs and NOCs, whose positions are well established like Exxon Mobil, Repsol- Talisman, PETRONAS, Rosneft, KNOC, ONGC, Premier Oil etc., the Vietnamese water territory has now drawn great interest from many independent oil companies. Many of them have recently been paid off including ENI, MITRA, MURPHY, Kris Energy and Sapura Kencana. These companies have signed exploration accords, farmed in to existing blocks or commit to continue exploration activities.
Capital expenditures in upstream sector currently account for about 60 % of total PVN investment and will remain high as exploration success is on the rise in Vietnam.
Opportunities for Norwegian companies
Vietnam is keenly developing the next stage of the country’s energy. With rising demand, Vietnam will focus more on exploration in underexplored offshore territory with deep water reserves. This creates great opportunities for Norwegian Companies which possess the state of art technologies.
- Deep water technologies (exploration and drilling)
- Enhance Oil Recovery technologies for brown and marginal fields
- Equipment supply for building platforms
- Environmentally well abandonment
- Hi-end services (expertise, technologies, integrated services)
Contact our office in Vietnam for more information: