According to the report analysis, ‘Vietnam
Oil and Gas Comprehensive Report Q1/2020’ states that in the Vietnam
oil and gas market there are numerous companies which recently operating more
actively for leading the highest market growth and registering the greatest
value of market share around the region throughout the short span of time while
spreading the awareness related to the applications and benefits of the oil and
gas, decreasing the linked prices, increasing the strength, durability and
applications of the oil and gas, delivering the better consumer satisfaction,
implementing the profitable strategies and accepting the favorable strategies
of the government includes Petrolimex, PV Gas, Binh Son Petrochemical Limited
Company, PV Oil, PV Drilling and several others.
In 2018, global verified oil reserves were
predicted at 1,729.7 billion barrels; Concentrated majorly across the Middle
East region (registering for more than 48.3% of worldwide oil reserves). The
worldwide natural gas output reached 3,867.94 thousand tons, growing by 5.2%
compared to 2017. North America is presently leading in Natural gas output,
dominating for 27.2% of the worldwide output, reached 1,053.9 thousand blocks.
Across Vietnam, in 2019, the entire oil and
gas industry subjugated 11.07 million tons of oil, only equal to 92% associated
to 2018, the output of natural gas in the variety of gas reached 10.2 billion
m3, up 3% over the similar duration in 2018, Petroleum introduction reached
11.5 thousand tons, up 21.9% over the same duration in 2018.
Aspects, such as growing natural gas pipeline
volume, snowballing refining capacity, and accumulative ultimatum for the
petroleum products, are projected to rise the growth for the oil and gas market
throughout the forecast duration. However, a massive dependence over imports of
the crude oil and natural gas for substantial domestic ultimatum and
extraordinary volatility of crude oil prices is estimated to limit the growth
of the oil and gas market.
The refining volume has been increasing considerably
over the present past is projected to grow over the review period, due to the
enlargement projects of numerous refineries and a opportunity of one of the
principal greenfield refineries obtaining the constructed. Therefore, the
downstream segment is projected to witness growth. However, across India, there
have been momentous gas hydrates encounters in the KG Basin. Parsimoniously
feasible extraction of the gas hydrates may become an occasion for the
corporates and may lead to a boom in natural gas production. Enhance in
investment especially in midstream segment is expected to monitor growth. The
pipeline market in the country has been grownup significantly with pipeline
accumulative in all the segments.
Not only has this, because of the several
foremost upcoming projects for capability expansion and capacity addition, the
downstream segment is expected to monitor the significant growth owing to
forthcoming projects of development and construction of fresh refineries.
The massive investment in the oil and gas
segment has been propelling the Indian oil and gas market. Pipeline coverage is
projected to augment substantially in the review period with petroleum product
pipeline is projected to increase in the most in the sector. Therefore, in the coming
years, it is anticipated that the market of oil and gas will increase around
the region more positively over the upcoming duration.
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