Oil & Gas

Within the framework of the recent business trip to the Russian Federation of the Vietnam Oil and Gas Group (PVN), the leaders of Russia Petroleum Company Zarubezhneft and PVN deliberated the cooperation to invest in developing the West Yereagin Oil field project (Russia).

The Vietnam Oil and Gas Group (PVN) informed that in the recent official visit to Japan by Prime Minister Pham Minh Chinh, the PVN mission had a working meeting with Japanese partners. PVN mission discussed and exchanged with JX NOEX issues related to oil and gas activities in the Petroleum Product Sharing Contract (PSC) of Lot 15-2 and the plan for deploying this project after 2025 (at the end of PSC).

On November 18 in Hanoi, Vietnam Oil and Gas Group (PVN) and the Asian Development Bank (ADB) signed a Memorandum of Understanding (MOU) on building a strategic partnership in 2021 – 2024 years to promote clean and sustainable energy development in Vietnam, as well as support PVN to achieve the green energy transition goal. Specifically, the two sides will cooperate in strategy, a roadmap for green energy transition, carbon capture, use and storage; developing hydrogen industry and offshore wind power projects.

At 2:15 on October 13, 2021, Ca Tam (Sturgeon) field after exploitation by nearly 2 years and 9 months has reached the oil production of 01 million tons, oil turnover of 427.5 million US$ and budget payment of 169 million US$.

In the first eight months of 2021, gas demand for power generation declined due to the impact of the Covid-19 pandemic that negatively affected state budget revenues and the economy, as well as implementation of the national energy strategy.

Information from the Vietnam Oil and Gas Group (PVN) said: The investment management activities of PVN in recent times had many positive evolutions. Besides putting oil and gas fields into operation as planned, the progress schedules of the power projects (Song Hau 1 – 2x600 MW, Thai Binh 2 – 2x600 MW) were also accelerated.

The Ministry of Finance recently reported that although revenues from domestic, import and export activities have fallen short of estimated levels, budget revenue from crude oil in the first eight months recorded positive results. At VND25.7 trillion it equaled 111 percent of the estimate, and up 0.9 percent over the same period last year.

On 22 September 2021, in New York, representatives of The AES Corporation (NYSE: AES) and Petrovietnam Gas JSC (PV Gas) today exchanged the signed joint venture agreement for the Son My LNG terminal, which will be located in Binh Thuan Province in South-Central Vietnam. The terminal will play an important role in accelerating Vietnam’s energy transition and economic growth.

On the occasion of working with the European Parliament and the Belgium Kingdom, National Assembly Chairman Vuong Dinh Hue received Mr. Perer Lavoy – The Senior Director of the Asia-Pacific region of Exxon Mobil Group (USA) in Belgium. At the meeting with Mr. Perer Lavoy, the National Assembly Chairman acknowledged the efforts of Exxon in implementing the principle assigning on government guarantee and committing for Blue Whale Gas field and suggested Exxon and Vietnam Oil and Gas Group (PVN) continue close coordinating to maintain the timely progress schedule to take the first gas flow from Blue Whale field by 2024.

Prime Minister Pham Minh Chinh has just signed and the Decision No. 1455/QD-TTg, dated September 2, 2021 on strengthening the State Steering Committee for the key petroleum projects.

The 3,200 MW Bac Lieu LNG Power Project is the largest project with 100% foreign direct investment in the Mekong Delta region. The Environmental Impact Assessment of the project has been approved by the Ministry of Natural Resources and Environment on Sept.01, 2021.

Vietnamese Ambassador to Germany, Dr. Nguyen Minh Vu, recently met with Großmann Ingenieur Consult GmbH (GICON®) and the Vietnam Petroleum Institute (VPI) to promote co-operation in the field of renewable energy in Vietnam.

PetroVietnam Exploration Production Corporation (PVEP) informed that in the first 7 months of 2021, the exploitation output of PVEP reached 2.07 million tons of oil equivalence, equal to 104% of the 7 month plan and 62% of the year plan. The production output in 7 months exceeded the plan because of the most of the domestic fields were exploited stably, with the flows higher than expected.

On 3rd August 2021, at the headquarters of Vietnam National Oil and Gas Group (PetroVietnam), Chairman of the Board of Directors Hoang Quoc Vuong had a meeting and worked with Mr. Leonid Mikhelson, Chairman of Novatek Group (Russia).

As the largest liquefied petroleum gas (LPG) warehouse in Vietnam, Vung Tau PV GAS Dock Warehouse (VTDW) is an important link in the Bach Ho and Nam Con Son gas chain, supplying 60% LPG output for Vietnam market per year, maintaining domestic LPG trading market share, playing an important role in production and business tasks, and ensuring national energy security of PV GAS. In August 2021, PV GAS will celebrate its 20th anniversary since putting VTDW into commercial operation.