A worker in Bach Ho oil well (Photo: VNA) Hanoi (VNA) – Vietnam’s oil and gas output hit an estimated 2.05 million equivalent tonnes in January, surpassing the monthly target by 5.8 percent. According to the Vietnam Oil and Gas Group (PetroVietnam), of the sum, oil exploitation volume was 1.13 million tonnes and gas output reached 0.92 billion cubic metres, 3.7 and 8.6 percent higher than planned, respectively. In addition, the group’s urea fertiliser production came to 142,940 tonnes, up 4.4 percent compared to the planned figure. Petrol and oil production also increased to more than 1.12 million tonnes, exceeding the monthly quota by 6.7 percent. As a result, the group earned about 56.8 trillion VND (2.44 billion USD) in revenue and contributed 8.2 trillion VND (353.68 million USD) to the State budget. Also in January, PetroVietnam spent more than 3 billion VND (129,385 USD) on social welfare, like building houses or presenting gifts to disadvantaged … [Read more...] about January’s oil & gas exploitation exceeds plan
Vietnamese Ministry of Foreign Affair’s Vice Spokesperson Nguyen Phuong Tra The Vietnamese Ministry of Foreign Affair’s Vice Spokesperson Nguyen Phuong Tra made the statement at a regular press conference in Ha Noi on November 22 in reply to reporters’ queries about Viet Nam’s stance on a memorandum of understanding (MoU) on oil and gas exploitation cooperation recently signed between the Philippines and China. Viet Nam’s stance on the East Sea issue, including sovereignty, sovereignty rights, and rights and interests at sea, is clear and consistent, and has been declared multiple times. As a responsible member of the international community and an East Sea bordering country, Viet Nam highly values international cooperation, including cooperation at sea on the basis of respecting the sovereignty and legitimate interests of parties concerned … [Read more...] about VN’s stance on MoU on oil, gas exploitation cooperation between Philippines, China
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?
(VEN) - For the first time since the operation of PM3 Ca Mau gas pipeline system in 2007, on May 7th 2018, the system has experienced a gas exhaust with small amount of heavy hydrocarbons in liquid form dispersed. However, in a very short time, the incident was safely and effectively handled by PVGas Ca Mau which is in charge of management and transport of the system. The PM3-Ca Mau gas pipeline system Rare event handled quickly and effectively On May 7th 2018, the above-mentioned incident at PM3 Ca Mau gas pipeline system (from the Bunga Raya Platform to the Ca Mau gas distribution center) occurred when the air compressor at the Landfall Station (LFS) was turned off for maintenance work. During the shutdown process of the air compressor, it was compulsory for the gas to be discharged out to the cold-vent at LFS in about 10 minutes (about 100 kg) according to design and operating principles of equipment approved by state management agencies. The main components of natural gas … [Read more...] about PVGas Ca Mau safely handles incident of PM3 gas pipeline system
The $4 billion gas-to-power project invested by Energy Capital Vietnam (ECV) LLC will lengthen the list of gas-to-power projects in Vietnam. Energy Capital Vietnam (ECV) LLC to develop $4billion gas-to-power project in Bac Lieu According to the latest developments, representatives of ECV and leaders of the Bac Lieu People’s Committee signed a memorandum of understanding (MoU) to develop a liquefied natural gas exploitation project and a gas-to-power plant in the province, according to local media. The gas-to-power project will cover an area of 100 hectares with the capacity of 3,200 megawatts. The construction of the project will be divided into three phases. The first phase with the capacity of 1,000MW will be kicked off this year and completed at the end of 2021. The second, with the capacity of 1,000MW will finish at the end of 2024 and the third phase will come into operation in 2027. ECV is a Vietnam-focused project development and asset management … [Read more...] about ECV to develop $4 billion gas to power project in Bac Lieu