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PetroVietnam holds exploration talks
The National Oil and Gas Group (PetroVietnam) has entered negotiations with Chevron Co regarding product shares and prices for a US$4 billion oil, gas exploration and exploitation project at the B48/95 and B52/97 Blocks, off southern Ba Ria-Vung Tau Province.
The group’s new general director Phung Dinh Thuc said, in an on-line press conference yesterday, that he hoped the two partners would reach an agreement in July.
There are expectations that Chevron will hold 43 per cent of the shares and contribute nearly $2 billion in investment capital, and also co-ordinate with Japanese Mitsui and Thai PTT.
PetroVietnam will put four new oilfields into operation in the second quarter of this year. Two of the oilfields will be located in Viet Nam, in Nam Rong - Doi Moi and Peal; the two others will be abroad in D30 and Dana in Malaysia.
The small fields are expected to generate a total output of 430,000 tonnes by the end of this year, he said.
Also yesterday, the group reported VND120.4 trillion ($6.68 billion) in revenue for the first half of this year, 16.6 per cent lower than the same period last year, attributed mostly to lower global oil prices.
The group earned about $3.5 billion from 8.1 million tonnes of crude oil exports during the period, falling 39 per cent against the corresponding time last year.
PetroVietnam attributed the low income to average global crude oil prices at $50 per barrel, nearly half in comparison to last year’s average peak price of $106.
"As a result, the group only contributed VND42.9 trillion (nearly $2.4 billion) to the State Budget in the first six months, 20 per cent less than a year earlier," Thuc said.
The group also contributed about VND23.6 trillion ($1.3 billion) to a number of ongoing major projects, including the Dung Quat Oil Refinery; a fertiliser plant in Ca Mau; the Nghi Son oil refinery complex; Long Son refinery and Nhon Trach power plants No 1 and 2; an ethanol plant in northern Phu Tho province; and a polyester fibre plant in Dinh Vu(Hai Phong).
"The country’s first oil refinery in Dung Quat was expected to see its products on the market by the end of June. Although the products were churned out on June 25, due to ongoing negotiations with distributors the products have yet to hit the market," said Vu Thi Bich Ngoc, chief of PetroVietnam Marketing Development Department.
PetroVietnam also worked with the Viet Nam National Petroleum Corporation (Petrolimex) - the nation’s largest petrol distributor - to sell Dung Quat’s products.
Under their agreement, Petrolimex will distribute 20,000 tonnes of petrol, 30,000 tonnes of diesel and 2,500 tonnes of kerosene this month, she added.
While crude oil resources from Bach Ho Oil-field is running out, Dung Quat mapped out plans to import crude oil from British supplier BP. It is anticipated that the first shipments of crude oil from overseas will be in November and December, she said.
Besides BP, PetroVietnam negotiated with other foreign crude oil providers for Dung Quat, including Saudi Aramco, the state-owned national oil company of Saudi Arabia.
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