MARKET OVERVIEW
Vietnam now is the third largest oil producer in SEA region and has become a notably active petroleum prospecting region. Although the year 2011 recorded great tension over the disputed South China Sea (Bien Dong) among involved countries including Vietnam, oil & gas companies with acreage off the east coast of Vietnam are quite busy with their exploration activities. Besides IOCs and NOCs, whose positions well established like Chevron, ExxonMobil, Talisman, Total, Petronas, TNK-BP, Zarubezhneft, KNOK, ONGC, the Vietnamese water has now attracted great interest from many independent oil companies. Many of them have been paid off recently including Premier Oil, SOCO, SANTOS.
The country continues to maintain its high ranking in top 4 best countries lately in BMI’s upstream ratings, with its ranking reflecting a reasonable resource position, better-than average growth outlook, attractive licensing terms and an IOC-friendly competitive environment.
Capital expenditures in the Vietnamese oil & gas sector will remain high as exploration success is on the rise in Vietnam. According to the investment plan of Petrovietnam (PVN), the state locomotive in the Vietnamese petroleum cluster, during the period from 2011-2015, the capital for E&P activities for both local and overseas projects are forecasted at $4.5 billion annually. Meanwhile, PVN’s overseas investments have been budgeted at $6.4 billion.
OPPORTUNITIES AND POTENTIAL FOR NORWEIGAN OII & GAS COMPANIES
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Increased Oil Recovery
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Deep water drilling, and subsea technology
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LNG whole value chain
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Distribution and utilisation of gas ashore, both for industrial and consumer usage
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Establishment of local production of supporting devices
Please contact our experts to get more information about the Oil & Gas sector or if you need assistance to enter the Vietnamese market.
