Oil & Gas Industry News

Vietnam to build third oil refinery (09/07/2008)
Viet Nam is making preparations to build a petrochemical complex, including an oil refinery, with total investment of 10 billion U.S. dollars in southern Ba Ria Vung Tau province. The Vietnamese government has basically agreed with the complex 's construction in Long Son island commune, Vung Tau city, Ba Ria Vung Tau province, the newspaper said. The project's investor is state-owned Viet Nam National Oil and Gas Group (PetroVietnam).
(Source:- http://www.vnbusinessnews.com/2008/07/vietnam-to-build-third-oil-refinery.html)
 
PetroVietnam May Expand First Refinery (06/07/2008)
State-owned Vietnam National Oil and Gas Group (PetroVietnam), investor of Vietnam's first oil refinery, has proposed the government increase its annual processing capacity to 10 million tons of crude oil from the current 6.5 million tons, according to local newspaper Industry and Trade on Friday. Capitalized at US$2.5 billion, the Dung Quat refinery--under construction in central Quang Ngai province--is scheduled to become operational next February. PetroVietnam said its current capacity is relatively small compared to that of other oil refineries in the world.
(Source:- http://www.downstreamtoday.com/News/Articles/200807/PetroVietnam_May_Expand_First_Refinery_11707.aspx)
 
New oil fields set for exploitation off southern Vietnam (06/07/2008)

The Viet Nam Oil and Gas Group said Friday the first crude oil barrels from three new oil fields offshore southern Vietnam would be exploited over the next two months. The three oil fields include Song Doc with an expected extraction rate of around 25,000 barrels per day (bpd), Phuong Dong with 23,000 bpd and Ca Ngu Vang with around 20,000 bpd. The group, known as PetroVietnam, said its revenues reached more than VND144 trillion (US$8.5 billion) over the first half of this year, a year-on-year increase of 70.5%.
(Source:- http://www.vnbusinessnews.com/2008/07/new-oil-fields-set-for-exploitation-off.html)

 
PetroVietnam to halt output slump by starting new oil fields (06/07/2008)
Vietnam Oil & Gas Group, Southeast Asia¨s third-biggest producer, plans to reverse a drop in crude oil production this year by advancing the start of operations at five fields. The producer, known as PetroVietnam, expects "to boost this year¨s output to as much as 16 million tons by bringing forward the schedule to start the five new oil fields," Chairman Dinh La Thang told reporters Friday.
(Source:- http://www.thanhniennews.com/business/?catid=2&newsid=39973)
 
New oil fields set for exploitation off southern Vietnam (05/07/2008)

The three oil fields include Song Doc with an expected extraction rate of around 25,000 barrels per day (bpd), Phuong Dong with 23,000 bpd and Ca Ngu Vang with around 20,000 bpd. The group, known as PetroVietnam, said its revenues reached more than VND144 trillion (US$8.5 billion) over the first half of this year, a year-on-year increase of 70.5 percent.
(Source:- http://www.thanhniennews.com/business/?catid=2&newsid=39957)

 
PetroVietnam targets 16 million tonnes of crude oil (04/07/2008)
The Viet Nam National Oil and Gas Group (PetroVietnam) is striving to pump out 15.5-16 million tonnes of crude oil this year in an effort to help the nation curb inflation. PetroVietnam Chairman Dinh La Thang told reporters on July 4 that amidst growing crude oil prices in the world, ensuring exploitation output is most important to boost export turnover, and make more contribution to the state budget.
(Source:- http://www.vnbusinessnews.com/2008/07/petrovietnam-targets-16-million-tonnes.html)
 
SK Energy secures 20 pct stake in Vietnamese oil field (01/07/2008)
South Korea¨s SK Energy said Monday it had secured a 20 percent stake in an oil field in Vietnam currently under exploration.
(Source:- http://www.thanhniennews.com/business/?catid=2&newsid=39810)
 
Vietnam: Dung Quat To Process 130,000 b/d By Q2 2009 (19/06/2008)
Vietnamese Finance Minister Vu Van Ninh said Thursday the country's first oil refinery plant will meet 45% of domestic demand for petroleum products by the second quarter of next year. The $US 2.5 billion Dung Quat refinery, which is being built in Quang Ngai province and is expected to test run before the end of this year, will have a processing capacity of 6.5 million tons of crude oil a year, or 130,000 barrels a day.
(Source:- http://www.downstreamtoday.com/News/Articles/200806/Vietnam_Dung_Quat_To_Process_b__11467.aspx)
 
PetroVietnam Launches Vietnam Oil Corp (17/06/2008)
The newly-formed company with a chartered capital of VND1.6 trillion (US$100 million) will have obligations and rights of Petechim and PDC, and undertake capital, technology and trademark investment, trading and production.
(Source:- http://vibforum.vcci.com.vn/news_detail.asp?news_id=13223)
 
Vietnam Set To License $6B Refinery Project (16/06/2008)
Vietnam will attract over US$23 billion of foreign direct investment (FDI) in the first half of this year, the biggest-ever amount in a year, Hanoi newspaper Youth on Monday quoted a local investment official as saying.
(Source:- http://www.downstreamtoday.com/News/Articles/200806/Vietnam_Set_To_License_B_Refinery_Proj_11388.aspx)
 
Vietnam Produces 6.18 Mln Tons of Crude Oil in Jan-May, Down 6.3 per cent On-Year (04/06/2008)
General Statistics Office (GSO) said that Vietnam is the third largest crude oil producer in Asia, exporting 5.7 million tons of crude oil valued at US$4.52 billion in the first five months this year, up 45.5 per cent on-year in value despite a fall of 11.3 per cent in volume.
(Source:- http://vibforum.vcci.com.vn/news_detail.asp?news_id=13125)
 
Coal Seam Gas Deal Gives Shell LNG Opportunity (02/06/2008)
Shell Exploration Company B.V. (Shell) and Arrow Energy Ltd. (Arrow), have signed a preliminary agreement to jointly develop projects to extract clean-burning natural gas from coal deposits in Australia, China, Indonesia, Vietnam and India.
(Source:- http://www.downstreamtoday.com/News/Articles/200806/Coal_Seam_Gas_Deal_Gives_Shell_LNG_Oppor_11132.aspx)
 
More rigs for PetroVietnam (14/04/2008)
PetroVietnam is set to invest in more drilling units over the next few years, with plans to build jackup units in Vietnam and commission the construction of a semisubmersible rig in the near future.
(Source:- http://www.energycurrent.com/?id=2&storyid=9935)
 
Essar Oil to invest $60 million in Vietnam (05/03/2008)
Essar Exploration & Production Limited (EEPL), has confirmed the company has been awarded an offshore block in Vietnam's prolific Song Hong basin. The block, which covers approximately 5,925 square kilometres, was awarded under a recent licensing round where seven offshore blocks were on offer. It is a shallow water block with average water depth of 60 to 70 meters.
(Source:- http://www.oilvoice.com/n/Essar_Awarded_Offshore_Block_in_Vietnam/46a75189.aspx)
 
Construction of first national oil refinery in progress (16/Oct/2007)

The Dung Quat oil refinery project has had 99 percent of its design completed, said Head of the project management Truong Quang Tuyen.  Tuyen, also Deputy General Director of the Viet Nam Oil and Gas Group (PetroVietnam), added that over 50 percent of equipment has been transported to the project site for installation. More»

 

PetroVietnam invests 3 trillion VND in PP plant (03/Jan/2007)

The Viet Nam Oil and Gas Corporation (PetroVietnam) has been licensed to build a 3 trillion VND (187.5 million USD) plant to produce polypropylen (PP) in the Dung Quat economic zone in central Quang Ngai province. More»