Country Report
Vietnam upstream summary
Report summary
The country’s oil and gas production comes essentially from two basins, but this will change for gas. Gas production will double to 1.8 bcf/d in the 2030s if key gas to power project progress. Nevertheless, LNG import is inevitable. Oil production is in decline since 2016. NOCs and joint operating companies dominate the corporate landscape, followed by Japanese and Korean companies, while IOCs have been exiting. Licensing has been rare, and exploration needs a boost.
Table of contents
- Executive summary
- Key facts
- Location maps
-
Key companies
- PetroVietnam
- NOCs
- Japanese and Korean companies
- IOCs and regional players
- Majors
-
Geology
- Introduction
-
Cuu Long Basin
- Basin Setting
- Stratigraphy
- Reservoirs
- Traps
- Source Rocks
-
Nam Con Son Basin
- Basin Setting
- Stratigraphy
- Reservoirs
- Traps
- Source Rocks
-
Song Hong Basin
- Hanoi Trough
- Offshore Areas
-
Phu Khanh Basin
- Basin Setting
- Stratigraphy
- Structures
- Malay Basin
- Other basins
-
Exploration
-
Licensing
- Recent and future licensing
- Historical licensing
- Licensing in 2000-2004
- Licensing in 2005 and the Deepwater Licensing Round
- The Song Hong Basin Licensing Round and awards in 2006-2008
- Licensing in 2009-2010
- Licensing in 2011-2017
-
Drilling
- Drilling activity
- Future exploration drilling
- Recent exploration drilling (2019-2023)
- Historic exploration
- 1990s
- 2000-2005
- 2006-2010
- 2011-2015
- 2016-2018
- Success rates
-
Licensing
- Reserves and resources
-
Production
- Oil
- Future oil production
- Historical oil production
- Gas
- Future gas production
- Historical gas production - Southern Vietnam
- Historical gas production - Northern/Central Vietnam
-
Infrastructure
- Oil infrastructure
- Gas infrastructure
-
Southern Vietnam
- Cuu Long Basin
- Nam Con Son Basin
- Malay Basin
-
Northern/Central Vietnam
- Hanoi Basin
- Song Hong Basin
-
Costs
-
Capital costs
- Capital expenditure by location
-
Operating costs
- Operating expenditure by location
-
Capital costs
-
Policy and regulation
-
Key legislation
- 1993 Petroleum Law, 2000 and 2008 Amendments
- 2022 Amendment
- Foreign Investment Law
- State oil company
- State participation
-
Licensing
- General Contract Terms
-
Key legislation
-
Fiscal terms
- Current fiscal terms
-
Key PSC terms in details
- State equity participation
- Bonuses, rentals and fees
- Indirect taxes
- Royalty and other production taxes
- Export duty
- Domestic Market Obligation (DMO)
- Contractor revenue entitlement
- Product Pricing
- PSC cost recovery
- PSC profit sharing
- Corporate income tax
- Fiscal/contractual ring-fences
- Dividend withholding tax
- Additional profits taxes
- Sample cash flows
-
Marginal Government Take
- Pre-1993 Contract Terms
- Post-1993 Contract Terms
- 2010 Frontier Terms
-
Historical background
- 1990s
- 2000s
Tables and charts
This report includes 54 images and tables including:
- Key facts: Table 1
- Country Map
- Reserves and resources: Table 1
- Liquids and Gas Production and Reserves
- Liquids and Gas Reserves
- Reserves and contingent resources at 01/01/2024
- Net Acreage 2024
- Map of Principal Tertiary Sedimentary Basins
- Liquids Production
- Production: Table 1
- Production: Table 2
- Gas Production
- Production: Table 3
- Production: Table 4
- Oil Infrastructure Map
- Infrastructure: Table 1
- Blocks Awarded by Region
- Active Blocks by Region
- Map: New licences awarded 2010-2019
- Drilling Activity by Well Type
- Drilling Activity and Commercial Success Rates
- Geological and Commercial Success Rates
- Gas Infrastructure Map - Cuu Long and Nam Con Son Basins
- Gas Infrastructure Map - Malay Basin
- Gas Infrastructure Map - Northern/Central Vietnam
- Costs: Table 1
- Costs: Table 2
- Costs: Table 3
- Costs: Table 4
- Fiscal terms: Table 1
- Fiscal terms: Table 2
- Fiscal terms: Table 3
- Fiscal terms: Table 4
- Fiscal terms: Table 5
- Fiscal terms: Table 6
- Fiscal terms: Table 7
- Fiscal terms: Table 8
- Fiscal terms: Table 9
- Fiscal terms: Table 10
- Fiscal terms: Table 11
- Fiscal terms: Table 12
- Fiscal terms: Table 13
- Fiscal terms: Table 14
- Fiscal terms: Table 15
- Fiscal terms: Table 16
- Fiscal terms: Table 17
- Fiscal terms: Table 18
- Fiscal terms: Table 19
- Fiscal terms: Table 20
- Fiscal terms: Table 21
- Fiscal terms: Table 22
- Fiscal terms: Table 23
- Fiscal terms: Table 24
- Fiscal terms: Table 25
What's included
This report contains:
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