Oil & Gas

The Prime Minister (PM) has agreed with the proposal of the Ministry of Transport to supplement in Ca Na port a LNG receiving wharf with a loading capacity of 97,000 tons for the first stage (1500 MW) of LNG power center, which has added by PM in document No 749/TTg-CN dated 23/4/2020.

At the afternoon of January 19, 2021, in Ho Chi Minh City, Vietnam Gas Corporation (PV GAS) and Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) held a ceremony for signing a credit contract of 1,500 billion VND to sponsor “Phase 2 of the Adjusted Nam Con Son gas pipeline project”, in which Ky Dong Branch of Vietcombank as the Vietcombank representative clue provides a credit of 1,000 billion VND.

On the afternoon of January 11, Prime Minister (PM) Nguyen Xuan Phuc attended Conference of Vietnam National Oil and Gas Group (PVN) for summary of plan tasks in 2020 and deploying the tasks in 2021.

The situation of implementing expected LNG combined cycle gas turbines (CCGTs) in the southern Vietnam shows that the development prospective of power plants after 2020 will be concerned very much.

On November 16, 2020, at the incoming gas intake in Long Hai town, Long Dien district, Baria-Vung Tau province, Vietnam Gas Corporation (PV GAS) held the welcoming ceremony to accept the first gas inflow from Sao Vang field in the Sao Vang - Dai Nguyet gas project to Nam Con Son 2 pipeline.

The Ministry of Industry and Trade (MOIT) has just issued a document to propose amending the Petroleum Law to remove the currently arising inadequacies and problems, and create a more favorable legal corridor for investors, contribute to improving the investment environment in the petroleum sector of Vietnam.

In the first 9 months of 2020, although severely affected by the double crisis of Covid-19 pandemic and falling oil prices, but with the drastic and timely facing measures, the Vietnam – Russia Joint Venture Vietsovpetro has organized good pandemic control, ensured safety of the health for employees and maintained stable production and business activities.

On September 1, 2020, as scheduled, the Construction Enterprise (under Vietsovpetro - the Vietnam - Russia Joint Venture) successfully launched the superstructure of BK-21 Wellhead Rig at Bach Ho (White Tiger) field.

Vietnam Oil and Gas Group (PVN) informed that on August 31, 2020, in Hanoi, PVN held a signing ceremony for gas purchase agreement (GPA) from Su Tu Trang (White Lion) field, Lot 15-1 (phase 2A).

The Government has just issued Decree No. 99/2020/ ND-CP on the regulations to punish the administrative violations in the petroleum relevant activities (searching, exploring, exploiting and trading petroleum). The Decree stipulates the maximal administrative violation in exploring and exploiting oil and gas as 01 billion VND for an individual and 02 billion VND for an organization.

The East Sea Petroleum Operating Company (BIENDONG POC) informed that at 9:00 am on August 27, 2020, the company has officially finished 100% of the plan for condensate exploitation in 2020 with an "Early Finish" for 126 days.

Binh Son Refining and Petrochemical Joint Stock Company (BSR) informed: Dung Quat Oil Refinery has just finished the successful test processing Sokol crude oil - marking an important milestone in diversifying crude oil with stable quality for Dung Quat Oil Refinery.

Eni Vietnam B.V Operator has carried out 2 seam space test, collecting extensive data on fluid samples showing significant hydrocarbon accumulation at the Ken Bau discovery, estimated from 7 to 9 trillion cubic feet (TCF) of natural gas on the spot and about from 400 to 500 million of condensate barrels. The above oil and gas estimate reserve from 114- Ken Bau- 2X qualifying well is a historical discovery of the Vietnam Oil and Gas industry so far.

At 1 hour and 15 minutes on August 2, 2020, Vietsovpetro officially marked the event that, after about 4 years- operation (1,322 days) from the date (December 12, 2016) of receiving the first gas follow and condensate, Thien Ung field (Well TU-6, Block 04-3 ) reached a gas production of 500 million Sm3.

Information from the Vietnam Oil and Gas Group (PVN) said: With the drastic implementation of "The package of solutions to cope with the double impact of the Covid-19 pandemic and deeply falling oil prices", in recent 6 months, PVN all activities were ensured safely and for the first time since 2016 the 'reserve offset' factor (between increasing reserves and production) reached 1.19 times - safety level for sustainable development.