Vietnam:

BMI View:
Market potential bearish due to declining output and lower oil prices. Exploration
works are also down due to tensions in the South China Sea.
Key trends and developments:
Russia, through Gazprom Neft, is working to expand and modernize the Dung
Quat refinery. Sanctions on Russia may hamper the initiative as access to
Western capital markets will be limited.
Chevron is exiting the Block B project but it may receive new offers pending the
governments pricing terms. Rising gas demand may mean that the country will
depend more on gas imports.
Dispute with China threatens viability of exploration works.
Downstream opportunities in the Dung Quat and Binh Dinh refineries.
Bulk of oil and gas reserves are offshore in the Cuu Long and Nam Con Son
basins.
Ongoing exploration:
Vietsovpetro is conducting exploration works in in the Bach Ho field and targeting
further exploration works.
PerencoFrench company acquired by ConocoPhillipsdrilled in the Cuu Long
basin.
SOCO International
Gas Reserves:
ExxonMobil, Premier Oil, Total and Petronas
International Energy Relations:
Russia: Vietnam has maintained close relations with Russia, especially in signing
JVs (Zarubezhneft-Vietsovpetro). In November 2013, Russia and Vietnam signed
17 bilateral agreements, 5 in oil and gas.
India: ONGC is exploring blocks awarded by Vietnam. Has a 100% operation
stake in Blocks 127 and 128 awarded in 2006
Planned refineries:
Nghi Son refinery