Illustrative image (Source: VNA) Hanoi (VNA) – The Vietnam National Oil and Gas Group (PetroVietnam) has surpassed its key financial targets for this year, thanks to the rise in petrol prices in October. In the first 10 months of this year, it added 90.9 trillion VND (3.95 billion USD) to the State budget, up 23 percent from the yearly plan. Its total revenue hit 499.5 trillion VND, 21 percent higher than the 10-month plan, and up nearly 24 percent from the same period last year. The group tapped 20.1 million tonnes of oil, exceeding the plan’s estimates by about 5 percent. The total volume of gas hit 8.39 billion cu.m, up 4.1 percent; while fertiliser output reached 1.38 million tonnes, up 7.2 percent. Total petrol production was equivalent to 84.2 percent of the plan, amounting to 7.46 million tonnes. PetroVietnam ranked first in the 2018 list of 500 Vietnamese firms with the highest profits. It registered to donate over 250 billion … [Read more...] about PetroVietnam surpasses key financial targets for 2018
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PetroVietnam Technical Services awarded $176m equipment contract for Sao Vàng-Đại Nguyệt gas project
The Songa Murcur rig at the Sao Vàng oil field. — VNA/VNS Photo Viet Nam News HÀ NỘI — The Malaysia Vietnam Offshore Terminal (MVOT), a joint venture between PetroVietnam Technical Services Corp and Malaysia’s MIBS Bhd, has won a US$176 million contract to provide equipment for Idemitsu Kosan to develop the Sao Vàng-Đại Nguyệt gas project. Under the seven-year contract, MVOT will provide a floating storage and offloading (FSO) vessel to the Japanese firm for the development of the gas and condensate fields, the Việt Nam Oil and Gas Group (PetroVietnam) said on Tuesday. The FSO has a capacity to store 700,000 barrels of condensate, double Idemitsu Kosan’s minimum storage requirement of 350,000 barrels. It is slated to receive the first condensate flows in July 2020. The FSO is designed with housing for 55 technical and operational personnel and a helicopter landing gear with the latest UK CAP 437 standard, capable … [Read more...] about PetroVietnam Technical Services awarded $176m equipment contract for Sao Vàng-Đại Nguyệt gas project
PetroVietnam calls on Government support for Block B-Ô Môn gas project
The Block B-Ô Môn Gas project is one of the two largest gas projects in Việt Nam to date with total investment of roughly US$10 billion. — Photo incoreinsightlytics.comViet Nam News HÀ NỘI — PetroVietnam has called on National Assembly deputies to propose creating favourable conditions to speed up the Block B-Ô Môn Gas project which is behind schedule. The project has been delayed, risking increasing the total investment and reducing the economic efficiency of the project, as well as slowing the Government’s revenue, said PetroVietnam’s deputy general director Nguyễn Quốc Thập at the corporation’s meeting with NA deputies in Cần Thơ City, Lạng Sơn and Cà Mau provinces last week. The Block B-Ô Môn Gas project is one of the two largest gas projects in Việt Nam to date, with total investment of roughly US$10 billion. It is expected to contribute $18 billion to … [Read more...] about PetroVietnam calls on Government support for Block B-Ô Môn gas project
Vietnam crude oil output to fall 10 pct a year through 2025: PetroVietnam
By Reuters  October 24, 2018 | 05:37 pm GMT+7 A woman stands in front of the Petro Vietnam's building in Hanoi, Vietnam September 1, 2017. Photo by Reuters/Kham Vietnam’s crude oil output is expected to fall by 10 percent a year through to 2025 due to declining reserves at existing fields, PetroVietnam said on Wednesday. The state-run firm said a lack of funds had kept it from boosting its exploration activities. “The rise in recoverable reserves has slowed to an alarming rate, affecting the sustainability of the development of Vietnam’s oil and gas industry,” the company said in a statement on its website. Vietnam’s crude oil output in 2018 was expected to fall 14.7 percent to 11.3 million metric tonnes, or 227,130 barrels per day, the government said in March. … [Read more...] about Vietnam crude oil output to fall 10 pct a year through 2025: PetroVietnam
PetroVietnam says Tokyo Gas may help with power plant project in Vietnam
By Reuters  October 20, 2018 | 10:04 am GMT+7 Petro Vietnam's building in Hanoi. Photo by Reuters Tokyo Gas is interested in cooperating with Vietnam’s PetroVietnam Power Corp (PV Power) to develop a natural gas-fired power project in the Southeast Asian country. On Friday, PV Power's parent said that Tokyo Gas wants to help secure long-term liquefied natural gas supplies and funds for the construction of the Nhon Trach 3 & 4 power plants in the southern province of Dong Nai, state-run Vietnam Oil and Gas Group said in a statement on its website. Tokyo Gas did not immediately respond to a request for comment made via its website. The statement follows a meeting between senior executives from PV Power and Tokyo Gas in Hanoi this week, PV Power said. The two plants, with a combined capacity of 1,500 megawatts, would be operational from 2020, according to PV Power. … [Read more...] about PetroVietnam says Tokyo Gas may help with power plant project in Vietnam