Nation’s oil industry on rise

Exploration success is on the rise in Viet Nam, as a growing number of international oil companies (IOCs) continue to partner with PetroVietnam to find and exploit hydrocarbon resources, reported the website www.companiesandmarkets.com.

In the Viet Nam Oil And Gas Report Quarter 2, 2010, that was posted on the website, the research company forecasts that the country will account for 1.57 per cent of the Asia-Pacific regional oil demand by 2014 and provide 4.24 per cent of the region’s supply. Regional oil production averaged an estimated 8.46 million barrels per day in 2009 and is set to increase to 8.77 million barrels per day by 2014.

Natural gas demand is targeted to increase to 616 billion cubic metres by 2014 and production should reach 542 billion cubic metres in 2014.

According to the report, Viet Nam has now slipped behind India according to Upstream Business Environment Rating. Viet Nam ranked third-place on the list, which reflects the country’s better-than-average growth outlook. The country also has attractive licensing requirements and is an IOC-friendly and competitive environment.

Viet Nam ranked ninth in the updated Downstream Business Environment Rating, which reflects the country’s modest (but growing) refining capacity and above-average oil and gas demand growth outlook.

VietNamNet/Viet Nam News

Tags: Vietnam oil, Vietnam oil and gas, vietnam oil gas