Vietnam taps first fresh oil flow since global oil plunge in 2014
The operation of Ca Tam is significant for Vietnam to maintain oil and gas output.
Vietsovpetro, a Vietnam-Russia oil joint venture, has initiated crude oil production at the Ca Tam field off Vietnam’s southern shore, the first new field brought into operation in Vietnam after the global oil price plunge in 2014.
Ca Tam is jointly developed by Vietsovpetro, PetroVietnam Exploration Production Corp (PVEP) and private conglomerate Bitexco Group, which puts out 1,630 tons per day, according to state-run energy firm Vietnam Oil and Gas Group (PetroVietnam).
Located at block 09-3/12, 160 km southeast of Vietnam's coast, the field is hooked up to the facilities in the nearby block 09-1, which houses the country’s largest oil field Bach Ho.
Earlier this month, PetroVietnam said that Ca Tam is one of the two offshore fields it expected to start commercial production this year. It added that tensions in the South China Sea, to which Vietnam refers as the East Sea, will continue to weigh on its offshore operations this year.
Vietsovpetro, a joint venture set up in 1981 with 51% stake held by PetroVietnam and 49% by Russia’s wholly state-owned Zarubezhneft, operates in petroleum exploration and production on the southern continental shelf of Vietnam.
The company is projected to exploit 4.74 million tons of condensate and 234 million cubic meters of natural gas, earning revenue of US$1.97 billion in 2017, up 3.5% on year.
In a visit to Vietnam in 2015, Russian Prime Minister Dmitri Medvedev said that the two countries would continue running the joint venture until at least 2030.
Officials oversee the oil field. Photo: Vietsovpetro
|
Located at block 09-3/12, 160 km southeast of Vietnam's coast, the field is hooked up to the facilities in the nearby block 09-1, which houses the country’s largest oil field Bach Ho.
Earlier this month, PetroVietnam said that Ca Tam is one of the two offshore fields it expected to start commercial production this year. It added that tensions in the South China Sea, to which Vietnam refers as the East Sea, will continue to weigh on its offshore operations this year.
Ca Tam oil field. Photo: PetroVietnam
|
The company is projected to exploit 4.74 million tons of condensate and 234 million cubic meters of natural gas, earning revenue of US$1.97 billion in 2017, up 3.5% on year.
In a visit to Vietnam in 2015, Russian Prime Minister Dmitri Medvedev said that the two countries would continue running the joint venture until at least 2030.
22:59, 2024/12/24
Hanoi to attract US$768 million in industrial parks in 2024
Companies in Hanoi highlighted the significant improvements in the business environment in Vietnam, particularly in the capital, where it has become easier to operate in the industrial zones.
21:35, 2024/12/21
Regulatory efforts underway to strengthen e-commerce in Vietnam
By 2025, Vietnam's e-commerce is expected to reach 10% of retail sales and contribute to the digital economy which is estimated to account for 20% of GDP.
16:51, 2024/12/14
Hanoi honors key industrial products in 2024
This recognition is a testament to the city government's ongoing support of local businesses.
18:09, 2024/12/12
EVs take the spotlight on Vietnam's urban streets
On the streets of Hanoi, a quiet but powerful shift in transportation is underway.
13:43, 2024/12/12
Hanoi names 83 institutions Green Energy User 2024
More than 80 facilities and projects have been recognized for their innovative use of green energy in manufacturing.
12:07, 2024/12/09
Bat Trang artisans innovate to meet global market demands
To boost competitiveness, Bat Trang pottery businesses leverage information technology for product promotion.
- Vietnam youth gears up for a greener future
- Hanoi to create over 213,000 jobs in Jan-Nov
- Update on worker conditions in South Korea from Vietnamese labor authorities
- Vietnam partners with NVIDIA to establish AI research center
- Hanoi grasps opportunities to drive semiconductor industry growth
- Internet users in Vietnam to hit 100 million by 2029