|
| 2009 |
|
| RMIT University Vietnam
DANG BICH HONG s3231326 |
| [PV drill & international ampere; Well Services JS Co] |
|
|
I. Industry Overview
Since the Doi Moi period, Vietnam has open its door for adapting new-sprung(prenominal) business environment and orthogonal technology, business conducts, foreign investments, and so forth The country has boosted exploration activities and has allowed more foreign company fight in the oil industry. These efforts have resulted in rapid sparing growth with GDP at 8.44% in 2007 and estimated GDP of 6.23% for 2008(www.mofa.gov.vn ) withal with the global financial crisis.
As the result, the countrys oil industry has alike gone under significant developments from 1986 when it launches the first production in Bach Ho oil field. After two decades, Vietnam held 600 zillion barrels of proven oil reserves as of January 2007 and in general are located offshore according to the rock oil & Gas Journal (OGJ). Moreover, EIA forecasts that the countrys oil production will stick forth above 400,000 bbl/day in 2008(Petroleum industry). Another research done by BMI indicates that Vietnam exports account for 4.16% of the regional oil generate in Quarter 2 of 2008 and expected to increase to 4.69% by 2012.
Vietnams oil sector is dominated by the state-owned Vietnam Oil & Gas Corporation (PetroVietnam), which is under the get wind of the Ministry of Industry. All oil production in the country is carried out through more than 57 different types of contracts between PetroVietnam(PVN) and its foreign partners under such as Schlumberger, Haliburton, Mobil, BP, etc( PVD Annual Report 2008)
Although the country crude oil export has been increasing, Vietnam liquid needs to import refined oil for domestic use. Oil being a scarce resource and accounts for 50% of fall energy consumption in Vietnam. As the result, Vietnam is investing in a few refineries with the one in Dung khat which is...
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