Thursday, June 20, 2019

Petrovietnam News

PetroVietnam: Maritime Tensions Weigh on Operations

(Photo: PetroVietnam)

Vietnam's state oil firm PetroVietnam said on Friday that tension in the South China Sea will continue to weigh on its offshore operations this year.The company, formally known as Vietnam Oil and Gas Group targets to produce 12.37 million metric tonnes of crude oil this year, down 11.45 percent from last year's output, it said in a statement.Vietnam and China have been embroiled in maritime disputes in parts of the busy waterway, where China claims 90 percent of the potentially energy-rich maritime territory, which Vietnam calls the East Sea."The complicated developments in

Nghi Son Refinery Begins Commercial Production

© christian42 / Adobe Stock

Vietnam's Nghi Son oil refinery has officially begun commercial production following months of tests, the owner of the refinery said on Monday.Commercial production had begun from Nov.

Ca Tam Field to Start Production January 15

(Photo: Vietsovpetro)

Vietsovpetro, a Vietnam-Russia oil joint venture, will start crude oil production at the Ca Tam field offshore southern Vietnam from Jan. 15, three sources with knowledge of the matter said on Tuesday.Ca Tam is the first new field to be brought into production in Vietnam in years after a 2014 plunge in oil prices slashed exploration. The start-up is significant as declining production from the country's key fields has left it struggling to maintain oil and gas output.Production from Ca Tam…

Russia State Oil Firm Starts Drilling at New Well Offshore Vietnam

Photo: Rosneft

A unit of Russian state oil firm Rosneft, Rosneft Vietnam BV, has started drilling at a new production well in waters off the southern coast of Vietnam, the company said in a statement posted to its website on Tuesday.The drilling is significant for Vietnam, which has been struggling to maintain its crude oil and gas output amid already declining production from its key fields and ongoing pressure from China in the disputed waters of the South China Sea.The LD-3P well explored by Rosneft is part of the Lan Do gas field in Block 06.1, Rosneft said.

Asian Oil, Gas Producers Stepping up Activity after Long Lull

© nattapon7 / Adobe Stock

Asia's oil and gas producers are starting to revive projects aimed at deflating years of ballooning energy imports after new investment dried up following the 2014 industry crisis. Spending has so far been driven mainly by state oil companies such as India's ONGC, Thailand's PTTEP and PetroVietnam, which need to produce more oil and gas to ensure their countries' energy security, executives said this week during an industry event in Kuala Lumpur, Malaysia. Asia is by far the biggest, fastest-growing consumer of oil, yet its output is falling faster than in any other region.

Vietnam Scraps South China Sea Oil Drilling Project

Vietnam's state oil firm PetroVietnam has ordered Spanish energy firm Repsol to suspend its "Red Emperor" project off the country's southeastern coast following pressure from China, the BBC reported on Friday. It would be the second time in less than a year that Vietnam has had to cancel a major oil development in the South China Sea under pressure from China. The move comes as Repsol was making final preparations for commercial drilling. A rig, the Ensco 8504…

China Says to Have "Prudent" Oil Exploration with Philippines

© Anton Balazh / Adobe Stock

China will prudently advance cooperation with the Philippines on joint oil and gas exploration in the South China Sea, China's top diplomat State Councillor Wang Yi said on Wednesday after meeting his Philippine counterpart. Any potential deals between Manila and Beijing on energy exploration in the disputed waterway should be agreed with a company and not the Chinese government, a senior Philippine official said earlier this month. China claims most of the South China Sea…

DNV GL Alliance for Offshore Wind Energy Development in Vietnam

Image: DNV GL

Singapore-based Enterprize Energy and partner Renewable Energy Global Solutions (REGS), together with PetroVietnam consortium comprising Petroleum Equipment Assembly & Metal Structure (PVC-MS) and VietSovPetro (VSP), MHI-Vestas Offshore Wind (MVOW), and DNV GL signed a series of exclusive Agreements forming an alliance for multi-phased, utility-scale wind developments, offshore Southern Vietnam, including feasibility, environmental, development, financing planning through implementation.

Exxon Mobil Vietnam Gas Project Could Start in November

Exxon Mobil Corp's Blue Whale gas project, Vietnam's biggest, could start in November, Vietnam Television (VTV) reported on Tuesday. The Blue Whale field has an estimated 150 billion cubic metres of reserves. Prime Minister Nguyen Xuan Phuc told Exxon Mobil on Tuesday he hoped to have the project starting officially at an Asia-Pacific Economic Cooperation summit in November when U.S. President Donald Trump and U.S. government officials are expected to attend, state-run VTV reported. Vietnam is trying to switch to cleaner energy from coal-fired power plants.

Repsol Suspends Drilling on Vietnam Oil Block Disputed by China

Spain's Repsol said it had suspended oil drilling in a block off Vietnam, where the prospecting in South China Sea waters claimed by China had infuriated Beijing and brought Chinese pressure on Vietnam to stop. Tension has been growing between Vietnam and China over energy development in the waterway, where extensive Chinese claims are challenged by five Southeast Asian countries and disputed by the United States. Repsol's chief financial officer, Miguel Martinez…

Vietnam Renews India Oil Deal In Tense South China Sea

Vietnam has extended an Indian oil concession in the South China Sea and begun drilling in another area it disputes with China in moves that could heighten tensions over who owns what in the vital maritime region. The moves come at a delicate time in Beijing's relations with Vietnam, which claims parts of the sea, and India, which recently sent warships to monitor the Malacca Straits, through which most of China's energy supplies and trade passes. Vietnam granted…

Keppel FloaTEC Secures Contract for TLWP in Vietnam

Keppel FloaTEC LLC, a wholly-owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has secured a contract worth about $40 million from PTSC Mechanical & Construction (PTSC M&C) to provide engineering, technology and construction management support services for the Repsol Ca Rong Do Tension Leg Wellhead Platform (TLWP) to be built in Vietnam. PTSC M&C, the service arm of Vietnam Oil and Gas Group (PetroVietnam), is the main engineering, procurement, construction and installation (EPCI) contractor for the TLWP.

PetroVietnam, Exxon Mobil Ink Gas Generation Deal

State energy group PetroVietnam (PVN) signed an agreement with the Vietnamese unit of U.S. Exxon Mobil Corp on Friday to develop the country's biggest gas project for power generation, the state firm said. The Blue Whale project aims to produce the first gas for power plants by 2023. PVN said the project would contribute nearly $20 billion to the state budget, but it gave no timeframe for that contribution. Blue Whale is Vietnam's biggest gas project with an estimated 150 billion cubic metres of reserves. The signing took place during the visit to Vietnam of U.S.

Philippines' Offshore Oil Still in Doubt

The Philippines, eager to resume development of vital oil and gas reserves off its coast, will likely need to reach an accord with a Chinese government infuriated by last week's ruling that granted Manila a big victory in the South China Sea. The Philippines relies overwhelmingly on imports to fuel its fast-growing economy. That reliance will grow further in a few years when the main source of domestic natural gas runs out, so the clock is ticking for it to develop offshore fields that China shows no sign of loosening its grip on.

Gazprom, PetroVietnam Ink Multiple Deals

Nguyen Quoc Khanh and Alexey Miller Photo Gazprom

Alexey Miller, Chairman of the Gazprom Management Committee, and Nguyen Quoc Khanh, Chairman of the Board of Directors of Vietnam Oil and Gas Group (PetroVietnam), signed today in Moscow a number of documents to strengthen cooperation between the companies. The signing ceremony was attended by Dmitry Medvedev, Prime Minister of the Russian Federation, and Nguyen Xuan Phuc, Prime Minister of the Socialist Republic of Vietnam (SRV). the Addendum to extend the Cooperation Agreement on personnel training.

Gazprom, PetroVietnam Increase Collaboration

Alexey Miller and Tran Dai Quang Photo Gazprom

A Gazprom delegation headed by Alexey Miller, Chairman of the Company's Management Committee, paid a visit to the Socialist Republic of Vietnam (SRV) today. Hanoi hosted a working meeting between Alexey Miller and Tran Dai Quang, President of Vietnam. The parties discussed the Russian-Vietnamese collaboration in the energy sector. It was emphasized that the bilateral cooperation had great potential for further development. Another working meeting was held between Alexey Miller and Vietnamese Prime Minister Nguyen Xuan Phuc.

China Mulls Additional Finance Deals with Vens

Chinese President Xi Jinping told visiting Venezuelan President Nicolas Maduro on Tuesday that China was willing to look at new areas of financial cooperation, but state media made no mention of specifics. Maduro said before leaving he would sign economic and financing deals, as the OPEC nation struggles to make ends meet at a time of low oil prices. He will also visit Vietnam. Xi said that China was willing to promote practical cooperation and "fully utilise existing financing mechanisms…

PetroVietnam ex-chairman held on suspected fraud-police

Police in Vietnam said on Tuesday they had detained the recently ousted chairman of state oil and gas company PetroVietnam on suspicion of fraud while he was leading the banking unit of conglomerate Ocean Group. The country's economic police department said in a statement on the police website Nguyen Xuan Son, when general manager of Ocean Group's Ocean Commercial Bank unit, had abused his position of power and "deliberately acted against state regulations of economic management and caused serious consequences".

Gazprom, PetroVietnam to Drill First Well in Offshore Vietnam

The meeting

Gazprom and PetroVietnam are ready to drill the first deep-water well offshore Vietnam this year. At a meeting at the Gazprom headquarters today between Alexey Miller, Chairman of the Company’s Management Committee and Nguyen Xuan Son, Chairman of the PetroVietnam National Oil and Gas Group Board of Directors the main issues of the bilateral cooperation in hydrocarbon development, particularly the joint activities in blocks Nos. 129–132 in the continental shelf of Vietnam were discussed.

Gazprom to Acquire Vietnam Refinery Stake

Russia's Gazprom Neft, the oil arm of top global gas producer Gazprom, said on Monday it planned to purchase 49 percent of the operator of Vietnam's Dung Quat refinery, the country's sole oil processing facility. It has also agreed to step up cooperation in the broader energy sector by expanding oil and gas exploration and production in Vietnam with state oil firm PetroVietnam. Energy cooperation has long been a feature of the relationship between allies Vietnam and Russia…