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You are here: Home / INDUSTRY / PetroVietnam urged to speed up multi-billion oil & gas projects

PetroVietnam urged to speed up multi-billion oil & gas projects

February 12, 2019 by hanoitimes Leave a Comment

The Hanoitimes – The major offshore gas projects are important to the country`s economic growth. ExxonMobil proceeds with offshore gas project in Vietnam Vietnamese Deputy Prime Minister Trinh Dinh Dung has asked Vietnam National Oil and Gas Group (PetroVietnam) in 2019 to quicken the undertaking of major offshore oil and gas projects which receive dozens of billions of dollars from foreign investors.    Deputy PM Trinh Dinh Dung works with PetroVietnam on Feb 11. Photo: Baochinhphu The focus should gear towards the Block B – O Mon, Ca Voi Xanh gas projects, Dung Quat Oil Refinery, gas-fueled power plants of Long Phu and Thai Binh 2, among others, Dung said at the meeting with PetroVietnam on February 11.    Part of O Mon gas project. Photo: Nhadautu Block B – O Mon gas project off Vietnam’s southern shore of Kien Giang province with 69.67% stakes held by PetroVietnam, 22.57% stakes by Japanese Mitsui Oil Exploration Co., Ltd (MOECO), and 7.74% by Thai national petroleum company PTT Exploration and Production Public Company Limited (PTTEP). So far, the investors have poured a total of US$10 billion into the project.  Scheduled to extract the first gas flows in 2021, the project is expected to generate 5.06 billion cubic meters (cu.m) of gas/year and might result in revenues of US$47 billion during 20 years. Ca Voi Xanh (Blue Whale), Vietnam’s largest offshore gas project off the central city of Danang discovered in 2011 with reserves of 150 billion cu.m, has an investment of US$4.6 billion… [Read full story]




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