Oil and Gas Production on the rise in Vietnam

PVN's production already totals 16.2 million tons of oil and 9.5 billion cubic meters of natural gas. The plan by the end of the year is to produce 200 million cubic meters at the Hai Thach and Moc Tinh fields, the 05-2 and 05-3 blocks, which are being developed jointly with Gazprom International.

Last year the Socialist Republic of Vietnam produced 16.7 million tons of oil and 9.8 billion cubic meters of gas.

Since the beginning of 2014, PetroVietnam has commissioned eight new fields, of which three — Su Tu Nau, Tho Trang and Diamond — were commissioned ahead of schedule. The company also notes that PVN’s hydrocarbon reserves will be increased by 48 million tons.  

Vietnam is the third leading country in Southeast Asia, surpassed only by China and India, in terms of proven oil reserves (600 million tons). The country’s natural gas reserves are estimated at approximately 1 trillion cubic meters.

Over the course of 11 months of the current year, the Vietnamese oil exports have grown by 9.4%, amounting to about 8.5 million tons. Australia, Japan, and Malaysia are the key delivery destinations.

PetroVietnam (PVN) is a completely government-owned oil-and-gas company specializing in the production, transportation, and processing of hydrocarbons, both in Vietnam and beyond. PVN currently has projects in Malaysia, Indonesia, Mongolia, Algeria, Venezuela and Russia.

Under a Cooperation Agreement between OAO Gazprom and PetroVietnam, which provides for exploration work in several blocks of Vietnam's continental shelf, the Vietgazprom Joint Operating Company (JOC), a joint venture, was created, with the interests of Gazprom represented by Gazprom International, Gazprom's wholly-owned subsidiary and the sole operator of Gazprom’s foreign upstream projects.

The company is conducting exploration work in block No. 112, blocks No. 129-132, as well as blocks 05-2 and 05-3. Gazprom International is also a stakeholder in PVGAZPROM Natural Gas for Vehicles, a joint Vietnamese-Russian project for the production of gas-engine fuel.

In 2013, the consolidated revenue of PetroVietnam Group exceeded $18 billion.