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/ September 11, 2020

Fitch affirms state-run PetroVietnam’s rating at BB with stable outlook

The Hanoitimes - PVN accounts for about a third of the country's refined product output and supplies gas for power plants that make up about 15% of Vietnam's power generation. Fitch Ratings has affirmed Vietnam Oil and Gas Group's (PetroVietnam) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. Fitch affirms state-run Vietnam Oil and Gas Group at BB with stable outlook. PVN's IDR is capped by that of its parent, the Vietnam sovereign (BB/Stable), under Fitch's Government-Related Entities (GRE) Rating Criteria, stated the rating agency, adding the company is wholly owned by the state, which exerts significant influence over its operating and financial policies. Meanwhile, Fitch assesses PVN's Standalone Credit Profile (SCP) at 'bb+', reflecting the company's conservative financial profile, diversification and integration. Such assessment is support by PVN's position as Vietnam's largest upstream oil and gas producer, which has exclusive rights to Vietnam’s oil and gas reserves by regulation. Fitch expected PVN’s earnings before interest, taxes, depreciation and amortization (EBITDA) to fall by about 55% and 30% in 2020 and 2021, respectively, from 2019, amid the weak oil price environment. However, it is expected that PVN would continue to maintain a net cash position over the next two years, as Fitch anticipated a delay in PVN expansion plans. Fitch believed the earnings of PVN's upstream, refining and oil distribution segments will be dampened severely in 2020. However, earnings from its gas distribution, fertilizer and power businesses would remain relatively stable, Fitch added. PVN holds interests in all of Vietnam's upstream oil and gas assets, accounts for about a third of the country's refined product output, and supplies gas for power plants that make up about 15% of Vietnam's power generation. PVN also accounts for about 80% of Vietnam's fertilizer production. …

/ March 14, 2018

PVN to seek Japanese funding for US$10-billion petroleum project

The Hanoitimes - PetroVietnam (PVN) and the Japan Bank International Cooperation (JBIC) are discussing financial arrangements for the Block B gas project and 52/97 field development project, announced PVN on its website. Following the discussion, JBIC will consider providing funding for the Block B and 52/97 projects without a guarantee from the government. PVN to seek Japanese funding for US$10-billion petroleum project. Block B gas project is one of the largest of its kind in Vietnam, with a total investment of US$10 billion. With such large investment, stated PVN, the search for an appropriate financial arrangement has been a major concern for foreign partners taking part in the project. Following the schedule, the project will award the contract and sign the first engineering, procurement, construction and installation (EPCI) contract in June, while the second EPCI will be inked in July. Block B gas project includes 2 components. The first component is to develop the Block B gas field worth US$6.8 billion, which will be financed and operated by PVN (42.896%) in partnership with PVEP (26.788%), Mitsui Oil Exploration Co. Ltd. (22.575%) and PTTEP (7.741%). The Block B field development will include one central technology platform, 46 operations platforms, a housing platform, one condensate vessel and drilling of 750 production wells. The second component is the US$1.2-billion 431km-long Block B – O Mon gas pipeline, with PVN, PVGas, Mitsui Oil Exploration Co. Ltd. and PTTEP forming a joint collaboration for the pipeline development. The project will produce and transport gas from the three fields to the power plants located in Kien Giang and O Mon regions. It is estimated that approximately 5.06 billion cubic meters of gas per year will be transported onshore from the total estimated reserves of 3.78 billion cubic feet for a period of 20 years starting in 2020. The project is expected to assist Vietnam in achieving its …

/ July 31, 2020

Vietnam discovers oil & gas well with record reserves

The Hanoitimes - The Ken Bau well is set to be put into operation by 2028. An oil and gas well has been discovered offshore Vietnam with record reserves that help state-run energy group PetroVietnam fulfil its reserves plan set for this year, local media reported. The discovery of Ken Bau-2X, located in Block 114 of the Red River Basin, is estimated to provide 9 trillion cubic feet in place with 400 – 500 million barrels (Mbbl) of associated condensates. Ken Bau well to increase Vietnam’s oil, gas reserve in 2020. Photo: Keri Jackson/Pixabay Eni Vietnam and Essar E&P, two operators of Block 114, each holds 50% share of the exploration contract. In 2020, Ken Bau-2X was drilled 2km apart from Ken Bau-1X, the first well in 95 meters of water depth till a total depth of 3,658 meters below sea level and encountered a pay in excess of 110 meters in several intervals of miocene sandstones interbedded with shale. The result of estimated reserves from Ken Bau-2X well appraisal is the historical discovery of Vietnam oil and gas industry so far. Eni Vietnam, with its partner, is currently planning additional drilling and testing on Ken Bau discovery coupled with new drilling and seismic activity in the Red River basin, where Eni operates with a 100% share the neighboring Block 116. The operator will prepare a reserve and mine development report. It is expected that Ken Bau can be put into exploitation by 2028, according to PetroVietnam. PetroVietnam said this is a crucial premise for exploration activities as well as further exploitation in the Quang Tri, Thua Thien-Hue and central regions, contributing strongly to promoting the gas power industry in the central region. It is also expected to contribute to ensuring national energy security and promote the sustainable development of Vietnam’s oil and gas sector in the future. The gas market in Vietnam is rapidly growing, driven by the country’s consistent GDP progression and …