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Vietnam's oil and gas liquids production to increase
Exploration success is on the rise in Vietnam, with a growing number of international oil companies (IOCs) teaming up with PetroVietnam and finding and developing hydrocarbon resources, particularly gas, says website www.companiesandmarkets.com.
In Vietnam Oil And Gas Report Quarter 2, 2010 posted on the web, the research company with the same name forecasts that the country will account for 1.57 percent of Asia-Pacific regional oil demand by 2014, while providing 4.24 percent of supply. Regional oil production averaged an estimated 8.46 million barrels/day in 2009 and is set to increase to 8.77 million barrels/day by 2014.
In terms of natural gas, demand of 616 billion cubic metres is targeted for 2014 and production should reach 542 billion cubic metres in 2014. Vietnam's share of gas consumption is forecast to be 3.9 percent, with the country accounting for 4.43 percent of supply.
According to the report, Vietnam has now slipped behind India in the company's expanded and updated Upstream Business Environment Rating, with its third-place ranking reflecting a reasonable resource position, better-than-average growth outlook, attractive licensing terms and an IOC-friendly competitive environment.
Vietnam ranks equal ninth with Pakistan in the updated Downstream Business Environment Rating, reflecting its modest (But growing) refining capacity, above-average oil and gas demand growth outlook, plus a low level of retail site intensity.
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