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WB helps Vietnam develop gas industry
The World Bank (WB) will assist Vietnam in technology, research and analysis work to help the country build a master policy on developing, exploiting and using natural gas as an optimal resource for sustainable development.
WB Acting Country Director in Vietnam Alain Barbu affirmed this at a press conference to announce Vietnam’s Gas Industry Development Report in Hanoi on November 11.
WB studies show that Vietnam was full of conditions and potentials to develop a high-quality and effective gas industry, meeting the energy demand for its sustainable economic growth, he said.
According to the report, by 2025, Vietnam’s gas exploitation capacity is expected to triple the current level and its gas consumption will reach 24 billion cu.m per year.
Barbu also recommended that to reach this target, Vietnam’s relevant ministries and agencies should have effective measures to lure investment in this field and build a legal framework to ensure the interests of both gas buyers and sellers.
Deputy Minister of Industry and Trade Hoang Quoc Vuong said that the Vietnamese gas sector has seen strong developments since 1995 with the parallel exploitation of gas and oil from the Bach Ho (White Tiger) oilfield.
To date, Vietnam has tapped around 90 billion cu.m of natural gas out of a total reserve of 700 billion cu.m, meeting over 15 percent of the country’s demand for energy.
Scientists forecast that another 700 billion cu.m of gas are yet to be found on the Vietnamese continental shelf.
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