National Assembly Chairwoman Nguyen Thi Kim Ngan (R) shakes hands with executives of PetroVietnam at the working session on January 17 (Photo: VNA) Hanoi (VNA) – National Assembly (NA) Chairwoman Nguyen Thi Kim Ngan had a working session with the Vietnam National Oil and Gas Group (PetroVietnam) in Hanoi on January 17, promising to handle difficulties in terms of policies and laws facing this sector. The top legislator recognised the firm’s achievements last year, including surpassing the crude oil exploitation target and restructuring its apparatus. It contributed more than 120 trillion VND (over 5 billion USD) to the State budget despite numerous difficulties. She said PetroVietnam’s activities have helped ensure energy security for national socio-economic development, industrialisation and modernisation. The Party and State highly value the group’s important role in national development and defence, she noted, adding that the NA pays special … [Read more...] about NA to address policy obstacles facing oil & gas sector
Photo for illustrationIn his opening speech, BSR General Director Tran Ngoc Nguyen said the Dung Quat Oil Refinery Plant has been operating continuously, safely and stably at a maximum capacity. Production output in the first 8 months of the year reached an estimated 4.71 million tons, earning revenue of more than VND73.9 trillion and paying VND7.47 trillion to the State budget. He stressed that BSR’s staff continued to follow the generation of fire seekers who search for oil from deep wells 30 years ago to develop the oil and gas processing field more professionally. Mr. Ngo Thuong San, Chairman of the Vietnam Petroleum Association and former General Director of the Vietnam National Oil and Gas Corporation, reviewed the history of seeking oil in Vietnam. 30 years ago, on September 9th, 1988, Vietsovpetro Joint Venture exploited the first tone of commercial oil from Bach Ho field with a very large area of nearly 60 square kilometers. The discovery set a precedent in world oil … [Read more...] about BSR reviews oil exploitation history
The minutes of the the 49th meeting of the Vietsovpetro joint venture council was signed on July 4 (Photo: VNA) Moscow (VNA) – Chairman of the Member Council of the Vietnam Oil and Gas Group (PetroVietnam) Tran Sy Thanh and Chairman of the Management Committee of Russian gas group Gazprom Alexey Miller discussed a broad array of future cooperation fields at their recent working session in Moscow. The function mentioned geological exploration and hydrocarbon exploration in Vietnam, as well as the prospects for implementing joint projects in oil and gas production, gas engine fuel, and training for PetroVietnam’s officials. The two sides talked about the implementation of a joint project to build a low-tonnage liquefied natural gas (LNG) production complex and another using LNG as fuel for engine motors. They also discussed a plan to set up a network to supply LNG at petrol stations in Vietnam. On July 4, Russian oil company Zarubezhneft held the 49th meeting of the … [Read more...] about Vietnam, Russia oil and gas firms step up cooperation
VietNamNet Bridge - The report on the GDP growth scenario of Vietnam in 2018 does not include the strengthening of oil exploitation, which had been expected. The world oil price saw strong recovery in the first months of the year The world oil price saw strong recovery in the first months of the year. In May, the Brent oil price, for the first time in the last four years, climbed to $80 per barrel. The price decreased later, but only slightly, now hovering around $76.44 per barrel. Will Vietnam consider strengthening oil exploitation to take full advantage of the oil price hike to boost growth? In mid-2015, the exploitation of more oil to ensure GDP growth was put forward at the National Assembly’s session. Vietnam’s GDP growth rate then was at a half-decade high. At the same time last year, at the National Assembly’s third session, the government proposed to exploit one million more ton of oil to gain the targeted growth rate of 6.7 percent in 2018. The … [Read more...] about Will Vietnam exploit more oil for higher GDP growth?
A strong recovery in the price of crude oil on the global market is expected to serve as a driver for Vietnam’s high economic growth this year. The oil and gas industry will continue boosting the exploration and exploitation of a number of oil fields - Illustrative image The Ministry of Planning and Investment (MPI) last week issued a draft scenario on national economic growth for 2018, with an anticipated growth rate of 6.7-6.8 pct. The growth scenario did not take into account an increase in crude oil exports given that local production has forcefully bounced back and in the context of a strong recovery in the price of crude oil on the world market, which is expected to stand at an average US$65 per barrel this year as Russia and OPEC nations have reached a deal on maintaining their output of crude oil. By late last week, the prices of WITI and Brent oil stood at US$67.96 and US$63.35 per barrel, respectively, on the London market. The government has set a target of … [Read more...] about Crude oil exports to fuel growth for 2018