Vietnam oil and gas industry is one of the priority fields in the development strategy of country. This sector has been dominated by Vietnam Oil and Gas Group (PVN -PetroVietnam) and controlled by the Ministry of Industry and Trade. The sector has been more accessible to advance technologies because of the country’s expanding offshore exploration & production. Oil production is a source of foreign currency for the country. It is also a motive power for the current economic development. Aside from its economic benefits, it is the vital energy in regular life, engages a huge number of qualified workers into the industry. Aside from crude oil, Vietnam is also rich in natural gas due to increase in gas-fired electricity generation in the power sector and wider application of CNG-fuelled vehicles in the transportation sector.
According to study, “Vietnam Oil and Gas Comprehensive Report Q4/2019” the key companies operating in the Vietnam oil and gas industry are Petrolimex, Binh Son Petrochemical Limited Company, PV Gas, PV Drilling, PV Oil. The key companies are undertaking various oil & gas pipeline projects or contracts to expand their production capacities & sustain their position in the oil & gas industry.
Based on operation type, Vietnam oil and gas market is segmented into downstream operations, midstream operations and upstream operations. Downstream operations include refining analytics, pricing analytics, demand forecasting analytics and commodity trading analytics. Midstream operations include pipeline SCADA analytics, fleet analytics and storage optimization analytics. Additionally, upstream operations include equipment maintenance management analytics, exploration & drilling analytics, workforce management analytics, production planning & forecasting analytics, asset performance analytics and field surveillance & monitoring analytics. Based on service, market is segmented into integration services, professional services and cloud services. Based on blocks type, market is segmented into onshore oil & gas blocks and offshore oil & gas blocks. In addition, based on deployment platform, market is segmented into hosted and on-premises.
The Vietnam oil and gas market is driven by rise in exports and imports of oil & gas, followed by strong demand from the transportation industry, rise in government policies & support related to the exploration or production of oil & gas, recovering prices, and growth in developments of oil & gas exploration or production activities. However, switch to renewable energy sources may impact the market. Moreover, growth in innovation of new technologies is a key opportunity for market. Furthermore, rise in the consumption of petroleum, natural gas, and petrochemical products is a major trend for market.
Currently, Vietnam oil and gas industry is the country’s major foreign currency earner and a major procurer of imported technology. The rapid expansion of country’s economy has fueled a surging demand for energy, which is expected to grow at the rate of over 10% annually. To meet this need, the government of country is encouraging investment from both foreign and local sources in offshore oil and gas exploration or production. In upcoming years, it is projected that future of the market will be optimistic due to rise in population, growth in economy and increase in fuel economy during the forecast period.
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Ankur Gupta, Head Marketing & Communications