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Report Overview
The Vietnam oil and gas market reached approximately 1056.31 GJ in 2024. The market is projected to grow at a CAGR of 2.90% between 2025 and 2034. It is estimated to reach a volume of around 1405.87 GJ by 2034.
2024
Base Year
2018-2024
Historical Year
2025-2034
Forecast Year
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Oil was found in the PM3 commercial arrangement area production sharing contract offshore Malaysia and Vietnam in April 2024 by "Hibiscus Oil & Gas Malaysia."
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On March 2024, the Vietnam gas field secured an investment of USD 560 million from the Japanese brand ‘Mitsui’. Production is expected to start towards the end of 2026, to supply power to the plants located in the south.
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In August 2023, ‘ONGC Videsh’ secured an extension for the exploration of an oil block offshore Vietnam. This is the eighth extension for ONGC Videsh, the overseas segment of the Indian public sector oil company Oil and Natural Gas Corporation (ONGC).
Leading Companies in Vietnam Oil and Gas Market
The market players are increasingly shifting towards natural gas since it is a cleaner alternative to other fuels.
- Exxon Mobil Corp.
- Eni S.p.A
- Shell Plc
- TotalEnergies SE
- Idemitsu Kosan Co.Ltd.
- Jadestone Energy Plc
- Essar Oil and Gas Exploration and Production Limited
- Vietnam Oil and Gas Group (PetroVietnam)
- AP SAIGON PETRO
- Petrolimex Petrochemical Corporation (Petrolimex)
- Others
Vietnam Oil and Gas Market Report Snapshots
Vietnam Oil and Gas Market Size
Vietnam Oil and Gas Market Growth
Vietnam Oil and Gas Market Share
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
It is estimated that the market reached approximately 1056.31 GJ in 2024.
The Vietnam oil and gas market is expected to grow at a CAGR of 2.90% between 2025 and 2034.
The market is projected to reach a volume of around 1405.87 GJ by the year 2034.
The rising demand for downstream oil and gas products, increasing investments towards increasing natural gas production, and rising support from the government are the major drivers of the market.
The key trends aiding the market expansion include the increasing penetration of foreign players in the downstream sector, growing expansion of petroleum refineries, and a shift towards cleaner fuels like natural gas.
Based on sectors, the market is divided into upstream, midstream, and downstream.
The key players in the market are Exxon Mobil Corp., Eni S.p.A, Shell Plc, TotalEnergies SE, Idemitsu Kosan Co., Ltd Jadestone Energy Plc, Essar Oil and Gas Exploration and Production Limited, Vietnam Oil and Gas Group (PetroVietnam), AP SAIGON PETRO, Petrolimex Petrochemical Corporation (Petrolimex), and others.
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