After global giants walked away, Vietnamese engineers transformed a struggling oil field into a symbol of technological self-reliance.

The Ministry of Industry and Trade says Dung Quat and Nghi Son refineries continue stable operations amid global energy disruptions.

PM Pham Minh Chinh on March 24 afternoon (local time) visited and held a working session with leading officials of Zarubezhneft, a long-standing and leading partner of Vietnam in the oil and gas sector, as part of his official visit to Russia.

A technical issue at the decommissioned Song Doc oil field was swiftly resolved, posing no threat to the environment or other operations.

The Phase 3 of the Dai Hung field development project (Dai Hung - Phase 3) has officially begun production of its first oil flow with 6,000 barrels per day – 20 days ahead of the adjusted schedule.

PetroVietnam and Japanese partners ink a landmark PSC agreement, strengthening strategic energy cooperation and reaffirming Vietnam’s offshore sovereignty.

PVEP aims to deepen ties with its partners to speed up new contract packages and tap new wells in the second phase, targeting higher output.

After pausing production, LSP’s $700 million investment will help the Long Son complex increase use of Ethane gas to reduce costs and meet market needs.

Thailand’s Siam Cement Public Company Limited (SCG) has announced a temporary halt to the commercial operation of its Long Son Petrochemical Complex (LSP) in Vietnam’s Ba Ria-Vung Tau province for additional investment.

The Long Son Petrochemicals, a landmark $5 billion project by SCG Group in Vung Tau, has started its commercial operations, introducing a new era in Vietnam’s petrochemical production.

More than 130 workers used a crane vessel to install the 760-tonne block in accordance with schedule, ensuring safety and the most rational costs despite bad weather conditions caused by typhoon Yagi.

Spot freight rates, time charter rates and secondhand vessel prices are all forecast to increase throughout 2024.

The Petrovietnam Power Corporation (PV Power) has proposed the implementation of the Lam Son Clean Energy Production Complex project, with an investment of nearly 4 billion USD in Ninh Thuan province.

The Vietnam Oil and Gas Group (Petrovietnam) on May 6 announced the discovery of two new oil and gas fields, Rong and Bunga Aster, which coincided with the 70th anniversary of the historic Dien Bien Phu Victory (May 7).

Mitsui of Japan is set to invest roughly JPY84 billion, equal to US$560 million, to develop a gas field in southern Vietnam under a project led by the Vietnam Oil and Gas Group (PetroVietnam), Nikkei Asia has quoted the Japanese trading house.

Oil fields in Vietnam are nearing depletion, causing crude oil output to decrease rapidly in recent years. However, the situation is expected to improve as optimistic signs have appeared.

Five big oil and gas firms have reported huge profits which have exceeded the yearly targets.

Long Son petrochemical complex, which boasts investment capital exceeding US$5 billion, will be put into trial operation from November 2023 in Vung Tau City before churning out commercial products next yea

Given the tightening of crude supplies in the global market, the oil and gas drilling segment is in high demand, boosting the business prospects of upstream service providers.