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SUPPLY
Vietnam’s production is offshore from a series of basins
along the southern coastline underlying the South China Sea.
First oil production was in 1986 and output has risen, especially from
the Cuu Long basin. A large increase in output occurred in 2004.
Production will to rise to a plateau in 2013/2014 after which slow
decline from the largest field, Bach Ho, will be only just be offset by
new developments, perhaps eventually in deep waters.
Gas production began to increase substantially in 2003 when fields in
the Nam Con Son basin came onstream. Continued strong and stready growth
in output is forecast to satisfy the growing domestic gas market.
DEMAND
Rapid
modernisation and economic growth in Vietnam has been accompanied by
rising oil and gas consumption and oil export. Oil consumption flattened
in 2008, in line with other South East Asian countries, but will return
to growth in 2012, reducing export capacity.
Gas consumption will increase in line with production. New markets will
be constantly sought in the country as many discoveries await
development, but insufficient in size to justify an LNG plant.
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