Oil & Gas Tech Asia (OGTA) 2019 & Subsea Asia Tech (SSAT) 2019 are set to light up Vietnam’s Booming Oil & Gas Industry. Registration for the Oil & Gas Tech Asia 2019& Subsea Tech Asia 2019 has begun, don’t miss out a chance to book a slot before they run out!
Oil & Gas Tech Asia& Subsea Tech Asia 2019 is the one-stop market for Vietnam’s Oil & Gas community, showcasing the latest technology in both upstream and downstream of the Oil & Gas Industry. Oil & Gas Tech Vietnam offers a holistic business experience by combining exhibition, conferences and seminars, and a host of networking sessions that connects quality buyers to Oil & Gas supplies.
OGTA & SSAT Team concluded its “Door to Door” visit of the major Oil & Gas companies in Vietnam!
The recent visit “Door to Door” visit in the 2 main Oil & Gas hub in Ho Chi Minh & Vung Tau areas also ensured that key decision makers and buyers from Vietnam’s Oil & Gas and Offshore industry would be present at the event.
Huge International Pavilions from Korea, Singapore, India & Taiwan
The Singapore, Korea, India & Taiwan pavilions which are the largest Oil & Gas and Offshore pavilions ever formed in Vietnam’s Oil & Gas event would showcase the latest Oil & Gas technology and Subsea technology products to local Vietnamese.
VIETNAM’S MOST ACCESSIBLE NETWORKING HUB
Regarded as one of the world’s most rapidly growing countries, Vietnam has gone from being one of the poorest nations in 1975, to becoming the fastest growing economies to date, with more foreign investments pouring into Ho Chi Minh City alone, including Singapore which remains as the top investor of the city, pumping in as much as US$10.2 Billion to date.
From airport to city core in a matter of 30 minutes, Ho Chi Minh has become the city of choice for foreign investors seeking to do business in Vietnam. The convenience of International Oil & Gas companies, as well as state-run PetroVietnam, having offices situated in the city, makes Ho Chi Minh an ideal place for companies to network and seek business opportunities with minimal logistics to deal with.
With our event located just 5 minutes from the airport, Oil & Gas Tech Asia 2019 will be an ideal venue for exhibitors who wish to skip traffic and head straight to the trade fair upon arrival.
LATEST UPDATES OF THE OIL & GAS INDUSTRY IN VIETNAM
VIETNAM’S SECOND REFINERY TO BE FULLY OPERATIONAL BY EARLY AUGUST
HANOI, June 6 (Reuters) – Vietnam’s second oil refinery will be fully operational by early August, a senior executive at the plant told Reuters on Wednesday, significantly reducing the country’s reliance on refined product imports.
The 200,000-barrel-a-day (bpd) facility, owned by Nghi Son Refinery and Petrochemical LLC, is already running at 55 percent capacity and is undergoing a long start-up process, the executive told Reuters.
“The starting process is going smoothly without any technical problems,” said the executive, who requested anonymity because he is not authorised to speak to the media.
The new refinery will process mostly crude oil imported from Kuwait. Vietnam is struggling to maintain its crude oil and gas output amid declining production from key fields and ongoing pressure from China over disputed areas in the South China Sea.
The $9 billion Nghi Son refinery, 260 km (160 miles) south of Hanoi, is 35.1 percent owned by Japan’s Idemitsu Kosan Co , 35.1 percent by Kuwait Petroleum (IPO-KUWP.KW), 25.1 percent by state-run PetroVietnam and 4.7 percent by Mitsui Chemicals Inc.
The company has no plans to use crude oil from other sources, he said, adding that the company will sell all of its gasoline, diesel products and liquefied petroleum gas in the local market, while other products, including petrochemicals, will be exported.
The company is still in the process of testing its jet fuel output and getting quality certificates, the executive said.
“We don’t have a time frame for launching jet fuel to the market yet,” he said.
Vietnam’s first refinery, the 130,000-bpd Dung Quat plant, started up production in 2009. When fully operational, the Nghi Son plant will add to this output and help Vietnam meet 70 percent of its demand for fuel.
Vietnam imported 5.56 million tonnes of refined fuels in the first five months this year, up 11 percent from a year ago, according to the government’s General Statistics Office.
HIGHER OIL PRICES BOOST PROFITS FOR VIETNAM’S PV GAS
The energy giant has reported strong increases in half-year earnings as oil has traded at higher than expected levels.
PetroVietnam Gas Corporation, Vietnam’s biggest listed energy firm, posted first half net revenues of VND37.5 trillion ($1.65 billion), equal to 66 percent of its annual target.
Its pre-tax profit jumped to VND 6.6 trillion ($290 million), representing 82 percent of the year’s target.
The booming results were driven by higher global oil prices which traded around $71 per barrel in the first six months of the year, exceeding the company’s expectations by 42 percent, and increased production of light oil, LPG and condensate.
Le NhuLinh, Chairman of the Ho Chi Minh-based company, also known as PV Gas, said the company is undertaking 24 projects this year, including pipelines that transport natural gas directly to consumers.
“To ensure gas supply, our company is negotiating with international partners to import gas from Indonesia and Malaysia through pipelines,” he said.
The company is also building infrastructure for liquefied natural gas (LNG) imports and seeking contractors for an LNG storage facility that can hold 1 million tons per annum.
Furthermore, PV Gas is looking to raise its stakes in two associate companies – PetroVietnam Southern Gas JSC and PetroVietnam Northern Gas JSC – to 51 percent in the second half of the year. It is also working on a plan for PetroVietnam, its parent company, to cut its ownership in PV Gas.
The company targets VND55.7 trillion ($2.4 billion) in total revenue in 2018 and VND6.4 trillion ($281 million) in post-tax profit, down 3.5 and 33.5 percent respectively from last year. These figures are based on expectations of crude priced at $50 a barrel and lower output this year.
PV GAS stock closed up 5.75 percent at VND 92,000 per share on the southern stock exchange yesterday.
ROSNEFT STARTS DRILLING OFFSHORE PRODCUTION WELLS IN VIETNAM
Russia’s state-owned oil company Rosneft started drilling in the LD-3P (Lan Do field) production well as part of its gas and condensate production projects offshore Vietnam, Rosneft announced Tuesday The Lan Do field has initial natural gas reserves of 23 billion cubic meters, the company said in a statement on its website.
Underwater infrastructure will be built and connected to the LanTay platform offshore Block 06.1 to develop additional reserves, it added.
Rosneft is also planning to perform sidetracking of the previously drilled PLD-1P exploration well on the PhongLan Dai field (Wild Orchid), which is also located within the same block, thereby reclassifying it as a production well.
The Wild Orchid field was discovered during the drilling campaign of 2016 when Rosneft was engaged as an operator of an international offshore drilling project for the first time. The field revealed commercial gas reserves of 3.4 billion cubic meters, according to the statement.
Currently, Rosneft is engaged in gas and condensate production projects on two offshore Vietnam blocks and is also a participant of the Nam Con Son pipeline project from Block 06.1 to the Phu My power and industrial complex in south Vietnam, the country’s largest power plant project.
The 370-km-long project is the longest two-phase pipeline in South East Asia, and is used to deliver processed gas and natural gas liquid from the LanTay platform to the shore.
For more information or to book a stand, please visit our website at www.oilgastechasia.com