Vietnam oil and gas industry is one of the
priority fields in the development strategy of country. This sector has been
dominated by Vietnam Oil and Gas Group (PVN -PetroVietnam) and controlled by
the Ministry of Industry and Trade. The sector has been more accessible to
advance technologies because of the country’s expanding offshore exploration
& production. Oil production is a source of foreign currency for the
country. It is also a motive power for the current economic development. Aside
from its economic benefits, it is the vital energy in regular life, engages a
huge number of qualified workers into the industry. Aside from crude oil,
Vietnam is also rich in natural gas due to increase in gas-fired electricity
generation in the power sector and wider application of CNG-fuelled vehicles in
the transportation sector.
According to study, “Vietnam
Oil and Gas Comprehensive Report Q4/2019” the key companies operating
in the Vietnam oil and gas industry are Petrolimex, Binh Son Petrochemical
Limited Company, PV Gas, PV Drilling, PV Oil. The key companies are undertaking
various oil & gas pipeline projects or contracts to expand their production
capacities & sustain their position in the oil & gas industry.
Based on operation type, Vietnam oil and gas
market is segmented into downstream operations, midstream operations and
upstream operations. Downstream operations include refining analytics, pricing
analytics, demand forecasting analytics and commodity trading analytics.
Midstream operations include pipeline SCADA analytics, fleet analytics and
storage optimization analytics. Additionally, upstream operations include
equipment maintenance management analytics, exploration & drilling
analytics, workforce management analytics, production planning & forecasting
analytics, asset performance analytics and field surveillance & monitoring
analytics. Based on service, market is segmented into integration services,
professional services and cloud services. Based on blocks type, market is
segmented into onshore oil & gas blocks and offshore oil & gas blocks.
In addition, based on deployment platform, market is segmented into hosted and
on-premises.
The Vietnam oil and gas market is driven by
rise in exports and imports of oil & gas, followed by strong demand from
the transportation industry, rise in government policies & support related
to the exploration or production of oil & gas, recovering prices, and
growth in developments of oil & gas exploration or production activities.
However, switch to renewable energy sources may impact the market. Moreover,
growth in innovation of new technologies is a key opportunity for market.
Furthermore, rise in the consumption of petroleum, natural gas, and
petrochemical products is a major trend for market.
Currently, Vietnam oil and gas industry is the
country’s major foreign currency earner and a major procurer of imported
technology. The rapid expansion of country’s economy has fueled a surging
demand for energy, which is expected to grow at the rate of over 10% annually.
To meet this need, the government of country is encouraging investment from
both foreign and local sources in offshore oil and gas exploration or
production. In upcoming years, it is projected that future of the market will
be optimistic due to rise in population, growth in economy and increase in fuel
economy during the forecast period.
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