PetroVietnam’s exploration arm announces oil finds

Vietnam

HANOI, May 7, 2024 – PetroVietnam exploration arm PVEP has announced two oil finds with combined initial reserves of 100.5 million barrels, Reuters reported on Tuesday.

The finds took place at two offshore fields. Block PM3 CAA, situated off the south Vietnam coast, yielded initial reserves of 84 million barrels at the BA-1X well.

Meanwhile, Block 09-1 off the country’s southeastern coast yielded initial reserves of 16.5 million barrels via the R79 well, drilled in the Rong field.

Vietnam is aiming to boost oil production in the face of rising fuel demand, the report said. Oil output has dropped from more than 300,000 bopd in 2016 to levels of around 165,000 bopd today.

Although Vietnam is a net exporter of crude, it is also a net importer of petroleum products. The country is home to a single refinery, Dung Quat, which has a processing capacity of 130,000 bpd.