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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 Share
Offshore segment dominates the Vietnamese oil and gas upstream market. The country has substantial offshore gas and oil reserves in the South China Sea, especially in basins like Nam Con Son and Cuu Long. New reserves have been found as a result of ongoing exploration work, drawing capital and propelling the upstream sector's expansion. Vietnam has been emphasizing the development of its infrastructure to assist with activities upstream. Pipelines, onshore processing facilities, drilling rigs, and offshore production platforms have all been built with financial assistance. Vietnam's capacities for oil and gas exploration, production, and export are strengthened by these infrastructure improvements.
| Market Share by | Region |
| Southeast | 26.0% |
| Red River Delta | XX% |
| Mekong River Delta | XX% |
| South Central Coast | XX% |
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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