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Report Overview
The Vietnam oil and gas upstream market is projected to grow at a CAGR of 4.20% between 2025 and 2034.
2024
Base Year
2018-2024
Historical Year
2025-2034
Forecast Year
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In March 2024, the Vietnam Block B project—an integrated development project including an upstream gas field and a pipeline connecting the gas field to a network of gas-fired thermal power plants—saw the investment of Mitsui Oil Exploration Co., Ltd. (MOECO) and its business partners.
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In November 2023, Petronas signed a Memorandum of Cooperation (MoC) with Vietnam Oil and Gas Group (PetroVietnam) to explore potential collaboration opportunities in the upstream, downstream, renewable energy, and gas sectors in Vietnam.
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In August 2023, ‘Harbour Energy’ entered into Sale and Purchase Agreements to sell its business in Vietnam to Big Energy Joint Stock Company and took exit from the country with USD 84 million sale of offshore assets.
Vietnam Oil and Gas Upstream Market Growth
The key drivers of the market are the rising crude oil prices, support from the government as well as increasing energy demand in the country. As of February 15, 2024, the price of gasoline in Vietnam has increased by approximately 650-710 Vietnamese Dongs per litre. This positively influences the oil and gas upstream market because of the increasing demand for an alternate source of energy. Rising industry, urbanization, and improving living conditions are driving up energy consumption in Vietnam as the country's economy continues to grow. Vietnam has concentrated on boosting its domestic oil and gas output in order to meet this growing demand.
The oil and gas upstream demand growth is also receiving a considerable amount of support from the government. The government is introducing initiatives and schemes to help utilise the country’s own resources in order to have zero dependence on external imports. The 2022 Law on Oil and Gas is an example of the same which aims to simplify the legal framework and aid in the sector’s development. Furthermore, its objective is to help and facilitate the investigation and extraction of oil that is available within Vietnam’s boundaries, whether it is in the mainland, on the islands or in the sea.
The country aims to produce enough energy to fulfil the requirements of an economy growing at a rate of 6.5%-7.5% per annum. Vietnam’s Prime Minister launched the National Power Development Plan (NPDP) on May 15, 2023, with the objective to ensure sufficient power supply for domestic demands and achieve self-sufficiency in electricity generation. Oil and natural gas upstream market thus has a greater role to play in fulfilling the country’s power requirements, increasing the Vietnam oil and gas upstream market revenue.
Vietnam Oil and Gas Upstream Market Report Snapshots
Vietnam Oil and Gas Upstream Market Size
Vietnam Oil and Gas Upstream Market Growth
Vietnam Oil and Gas Upstream Market Share
Vietnam Oil and Gas Upstream Companies
*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
The market will presumably grow at a CAGR of 4.2% in the forecast period of 2025 and 2034.
The rising crude oil prices, support from the government as well as increasing energy demand in the country are the major drivers of the market.
The key trends of the market include focus on emissions reduction and rise in domestic oil and gas consumption.
Based on location of deployment, the market is divided into onshore and offshore.
Major regions include Southeast, Red River Delta, Mekong River Delta, South Central Coast, and others.
The key players in the market are Exxon Mobil Corp., Eni S.p.A, Eneos Holdings Inc., Saipem S.p.A, Japan Drilling Co., Ltd., Jadestone Energy Plc, Essar Oil and Gas Exploration and Production Limited, Vietnam Oil and Gas Group (PetroVietnam), and others.
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