According to the report analysis, ‘Vietnam Oil and Gas Comprehensive Report Q1/2020’ states that in the Vietnam oil and gas market there are numerous companies which recently operating more actively for leading the highest market growth and registering the greatest value of market share around the region throughout the short span of time while spreading the awareness related to the applications and benefits of the oil and gas, decreasing the linked prices, increasing the strength, durability and applications of the oil and gas, delivering the better consumer satisfaction, implementing the profitable strategies and accepting the favorable strategies of the government includes Petrolimex, PV Gas, Binh Son Petrochemical Limited Company, PV Oil, PV Drilling and several others.
In 2018, global verified oil reserves were predicted at 1,729.7 billion barrels; Concentrated majorly across the Middle East region (registering for more than 48.3% of worldwide oil reserves). The worldwide natural gas output reached 3,867.94 thousand tons, growing by 5.2% compared to 2017. North America is presently leading in Natural gas output, dominating for 27.2% of the worldwide output, reached 1,053.9 thousand blocks.
Across Vietnam, in 2019, the entire oil and gas industry subjugated 11.07 million tons of oil, only equal to 92% associated to 2018, the output of natural gas in the variety of gas reached 10.2 billion m3, up 3% over the similar duration in 2018, Petroleum introduction reached 11.5 thousand tons, up 21.9% over the same duration in 2018.
Aspects, such as growing natural gas pipeline volume, snowballing refining capacity, and accumulative ultimatum for the petroleum products, are projected to rise the growth for the oil and gas market throughout the forecast duration. However, a massive dependence over imports of the crude oil and natural gas for substantial domestic ultimatum and extraordinary volatility of crude oil prices is estimated to limit the growth of the oil and gas market.
The refining volume has been increasing considerably over the present past is projected to grow over the review period, due to the enlargement projects of numerous refineries and a opportunity of one of the principal greenfield refineries obtaining the constructed. Therefore, the downstream segment is projected to witness growth. However, across India, there have been momentous gas hydrates encounters in the KG Basin. Parsimoniously feasible extraction of the gas hydrates may become an occasion for the corporates and may lead to a boom in natural gas production. Enhance in investment especially in midstream segment is expected to monitor growth. The pipeline market in the country has been grownup significantly with pipeline accumulative in all the segments.
Not only has this, because of the several foremost upcoming projects for capability expansion and capacity addition, the downstream segment is expected to monitor the significant growth owing to forthcoming projects of development and construction of fresh refineries.
The massive investment in the oil and gas segment has been propelling the Indian oil and gas market. Pipeline coverage is projected to augment substantially in the review period with petroleum product pipeline is projected to increase in the most in the sector. Therefore, in the coming years, it is anticipated that the market of oil and gas will increase around the region more positively over the upcoming duration.
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Ankur Gupta, Head Marketing & Communications