Vietnam is gradually opening its economy to international investment. Since the United States lifted its embargo in early 1994, Vietnam has been encouraging American companies to return. ARCO, Kerr-McGee, Mobil, Occidental and Union Texas have all recently signed farm-in or joint venture agreements.
Vietnam’s three offshore basins – the Mekong, South Con Son and Hanoi – have historically been the focus of most of the exploration effort. These are all extensional features formed by Upper Cretaceous-Early Tertiary rifting, and filled primarily by Tertiary clastics.
Both the Mekong and South Con Son basins host giant oil fields (Bach Ho, Dai Hung). Delineation of these fields has proven quite successful, and recent gas discoveries by BP, Total and Pedco have identified significant gas reserves.
Vietnam’s current production of 140,000 BOPD has transformed the country into an emerging petroleum province. Reserves are pegged at 1 billion barrels of oil and 3.7 TCF of gas. During 1993 the entire annual production (51 MMBBLS) was exported, while the oil required for domestic consumption (some 85,000 BOPD) was imported from the CIS.
Infrastructure remains a major problem. Transportation is generally poor. Several pipelines linking offshore discoveries to shore are either under construction or in the planning stage and a refinery with a 130,000 BOPD capacity is being built at Vungtau.For more information contact:
Petrel Robertson Consulting Ltd.
500, 736- 8th Avenue S.W.
Phone: (403) 218-1618
Fax: (403) 262-9135
This summary, part of Petrel Robertson’s 1995 summary of exploration and development opportunities in 31 countries around the world, has not been updated. Some of the information, particularly relating to political and economic issues, is thus out of date. It is included, however, to demonstrate the breadth and depth of Petrel’s work in each of these nations.