The industry used to receive around $2 billion from foreign investors each year, but this has come down to now only a few hundred million dollars, Tran Sy Thanh, chairman of state oil firm PetroVietnam (PVN), said at a recent meeting. Contributions to Vietnam’s oil reserves have also been decreasing. "When our predecessors extracted one ton of crude oil (to use), they put another 1.5 or 2 times as much into reserves. Now we take out 1 ton of crude oil, we only add another 0.3-0.4 percent into reserves," he added. Regulations make it costly to explore for new sources of oil. For instance, Vietnam’s Law on Water Resources requires each exploration lot to pay $10-15 million in taxes, which is too high given that investment is so limited, Thanh said. "It makes things for us (oil prospectors) very difficult, it’s like we are tying ourselves down." Without funds for drilling and exploration, there is no way to increase reserves. Despite changing conditions, the … [Read more...] about Declining investment limits Vietnam’s oil and gas industry
Rotational jobs oil gas industry
Billion-dollar projects remain as oil & gas group could lose big money
VietNamNet Bridge - Of 13 outward investment projects, only two projects of PetroVietnam are profitable. The other 11 projects are meeting big problems. The Ministry of Industry and Trade’s (MOIT) report shows that the national oil & gas group PetroVietnam has 13 investment projects overseas and all of them are oil & gas exploration and exploitation. The projects are implemented by PetroVietnam Exploration Production Corporation, or PVEP, a subsidiary of PetroVietnam, under the authorization of PetroVietnam. The national oil & gas group PetroVietnam has 13 investment projects overseas and all of them are oil & gas exploration and exploitation. The projects are implemented by PetroVietnam Exploration Production Corporation, or PVEP, a subsidiary of PetroVietnam, under the authorization of PetroVietnam. In the Nhenhevsky project, PetroVietnam contributes 49 percent of investment capital in Rusvietpetro joint venture, established to explore and exploit oil … [Read more...] about Billion-dollar projects remain as oil & gas group could lose big money
PVEP: Leading position in oil, gas exploration and exploitation
(VEN) - In the development of the Vietnamese oil and gas industry, the PetroVietnam Exploration Production Corporation (PVEP) is a key unit of the Vietnam Oil and Gas Group (PetroVietnam) in oil and gas exploration and exploitation. On November 27, 1961, the Oil Exploration Expedition (Expedition 36) was established, marking a historic milestone for a period of organized oil and gas exploration and exploitation in the Democratic Republic of Vietnam (Later, the prime minister approved the 27th of November to be the traditional day of the Vietnamese oil and gas industry). Oil and gas exploration and exploitation has officially started. To promote oil and gas exploration and exploitation, the Vietnam Oil and Gas General Department was established on September 3, 1975. At the beginning of 1977, the state approved the form and object of cooperation to carry out negotiations on a number of oil and gas lots with foreign partners who wish to invest in Vietnam. In order to comply with … [Read more...] about PVEP: Leading position in oil, gas exploration and exploitation
Producers of oil & gas firms see drop in profits, but distributors’ earnings rise
VietNamNet Bridge - The oil price fluctuations have had a big impact on the business performance of Vietnam’s oil and gas firms. While miners and producers have unsatisfactory business results, distributors have made make fat profits. PV Drilling, which does most of the oil field drilling for PetroVietnam, incurred the loss of VND300 billion in the first half of 2018. PV Drilling’s chair Do Van Khanh said PVD's revenue is composed of unit price multiplied by the number of operation days and the number of drilling rigs. US$1=VND22,000 RELATED NEWS Experts warn about depletion of Vietnam’s largest oil field Oil & gas loses the ‘throne’ as the biggest export item Kim Nam … [Read more...] about Producers of oil & gas firms see drop in profits, but distributors’ earnings rise
Large-cap, oil & gas stocks boost VN-Index
An investor views share prices on electronic boards at Tan Viet Securities Company (Photo: VNA) Hanoi (VNA) – VN-Index rose sharply on May 14, driven by large-cap stocks and oil & gas shares, despite low liquidity and foreign investors’ continued net selling. On the Ho Chi Minh Stock Exchange (HOSE), VN-Index increased by 22.13 points to 1,066.98 points when 171 codes saw price hikes, 122 codes experienced declines and 45 others stayed unchanged. HNX Index on the Hanoi Stock Exchange (HNX) inched up 0.51 point to 123.28 points with 95 codes rising, 72 others falling and the remaining 50 unchanged. In the VN30 basket, measuring the 30 largest stocks by market capitalisation on the HOSE, up to 25 stocks witnessed price increases while only two stocks dropped. [Net sells by foreign investors not a worry: analysts] Oil and gas shares fluctuated in line with global oil prices in the beginning of the week when such stocks as PLX, BSR, POW, PVB, PVS, PVC and PVD ended in … [Read more...] about Large-cap, oil & gas stocks boost VN-Index