As at end of 2009, Vietnam had proven oil reserves of 4.5 billion barrels or 0.3% of the world’s oil reserves. Production was 345 thousand barrels daily. Gas reserves amounted to 24.2 trillion cubic feet (0.68 trillion cubic metres) and production was 30.9 billion cubic metres as the end of 2009. The country is a major buyer of imported technology, services and equipment related to the oil and gas industry
The oil and gas industry in Vietnam is under the control and management of the Ministry of Industry and Trade (MOIT). PetroVietnam Oil & Gas Group, the national oil and gas group reports directly to the Prime Minister and monopolises the upstream, mid-stream and virtually all key downstream areas of the industry. Its vision is to be the “Leading Petroleum Group in the region – The Vietnamese pride”
Geological surveys have identified the basins of Song Hong, Phu Khanh, Nam Con Son, Cuu Long, Ma Lay-Tho Chu, and Tu Chinh-Vung May as having great potential for oil and gas reserves. Estimates run from 0.9 to 1.2 billion m3 of oil and from 2100 to 2800 billion m3 of gas. In fact, proven reserves have been verified amounting to 550 million tons of oil and 610 billion m3 of gas.
In late 2010, Dart Energy was granted an extension of its exploration period PSC for Block MVHN-01KT in the Hanoi Trough Block. In early 2011, PetroVietnam Technical Services Corporation (PVTSC) and Lam Son JOC inked an agreement for the provision of FPSO vessel chartering for a period of 7 years with an extension of 3 years. PVTSC shall manage the FPSO as well as take part in its installation.
SOCO International, based in London has announced that it is on track for first oil from the Te Giac Trang field in Vietnam
Refineries; Capacity (barrels/day)
1. Dung Quat Refinery; 148,000 bbl/d
Gas Processing Plant; Location
1. OperatGas Development Plan ( to be operated by 2016)
Oil Terminal; Location
1. Petrolimex Oil Terminal; Mygiang Island
2. Vanp Hong Bonded Petroleum Terminal; My Giang Island
3. Cat Lai Terminal; Ho Chi Minh City
4. Vietnam Terminal; Phuoc Khanh Ward