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An Overview of Vietnam's Oil and Gas Industry PETROLEUM ECONOMICS & MANAGEMENT AN OVERVIEW OF VIETNAM’S OIL AND GAS INDUSTRY Le Viet Trung1, Tran Quoc Viet2, Pham Van Chat3 1Vietnam Petroleum Institute 2Vietnam Oil and Gas Group 3Petrovietnam Petrochemical and Textile Fiber JSC Email: [email protected] Summary The paper presents an in-depth analysis and evaluation of the role of the oil and gas industry, which is represented by the Vietnam National Oil and Gas Group (Petrovietnam), in the national economy, and analyses the changes and development of the oil and gas sector in recent years. The analysis covers most of the activities that contribute to the development of Vietnam’s economy and Petrovietnam’s activities in the oil and gas value chain. Key words: Oil and gas, Petrovietnam. 1. Introduction Vietnam National Petroleum Group (Petrolimex), plays an important role in Vietnam’s economy and has major According to BP's statistics, Vietnam ranked 28th impacts on the development of Vietnam. The oil and among 52 countries that have oil and gas potential in the gas industry in general and Petrovietnam in particular world. By the end of 2015, the proven crude oil reserves of contribute signifi cantly to the state budget revenues and Vietnam were approximately 4.4 billion barrels and ranked have a high proportion in Vietnam’s export. Moreover, fi rst place in Southeast Asia, while the proven gas reserves this sector attracts foreign investors to bring capital and were about 0.6 trillion cubic metres (Tcm) and ranked the modern technology to Vietnam. third place in the South East Asia (after Indonesia and Malaysia) [1]. 2.1. Contribution to GDP and the State budget Since the fi rst oil at Bach Ho fi eld in 1986, the Over the years, Petrovietnam has always maintained Vietnam National Oil and Gas Group (Petrovietnam) the leading role in the national economy. While the - after nearly three decades - has made signifi cant state-owned enterprises contribute about 42% of GDP, progress and strived to be the backbone of the national Petrovietnam separately accounts for 16 - 18% of GDP, the economy. Petrovietnam also plays an important part in highest level in comparison with the whole country in the the process of industrialisation and modernisation of period from 2008 to 2015 (Table 1). the country, contributing averagely about 25 - 30% of After the fi rst gasoline by Petrovietnam's fi rst the total annual state budget revenues. Petrovietnam refi nery (Dung Quat), crude oil revenues, in the 2009- has uplifted Vietnam’s position in the community of oil 2013 period, now only contributed an average of 13.6% producing countries and contributed to raising Vietnam's of total annual state budget. In the previous years, crude international reputation. So far, Petrovietnam has built an oil revenues always brought more than 20% of total integrated oil and gas value chain, including exploration state budget revenues while revenues from all state- and production, processing and oil and gas services. owned enterprises (excluding the oil and gas industry) The paper presents an in-depth analysis and evaluation accounted for only about 15 - 16%. Moreover, the budget of the role of the oil and gas industry, which is represented contribution of Petrovietnam is much higher than the by Petrovietnam, in the national economy, and analyses contribution made by all foreign-invested and private the changes and development of the oil and gas sector in enterprises. By the end of 2014 and early 2015, when the recent years. The analysis covers most of the activities that world was aff ected by the fall in oil prices, revenues from contribute to the development of Vietnam’s economy and crude oil still accounted for an important proportion Petrovietnam’s activities along the oil and gas value chain. in the national economy. As reported by the General 2. The role of oil and gas industry in Vietnam’s economy Statistics Offi ce, crude oil revenues reached VND 98.1 trillion, contributing 12.1% of the total state budget in The oil and gas industry, including the Vietnam 2014. However, the fi gure for 2015 reduced signifi cantly National Oil and Gas Group (Petrovietnam) and the to VND 62.4 trillion because of the slump in the crude 64 PETROVIETNAM - JOURNAL VOL 10/2016 PETROVIETNAM oil price and the contribution was only 7.1% of the total to the state budget revenues was still quite high with state budget in the year. VND 115.1 trillion in 2015. In terms of consolidated revenues: From the end of 2.2. Import-export turnover 2007 and particularly in 2008, the world has witnessed the unpredictable volatility of crude oil prices, from USD Crude oil has a strategic position among the export 90/barrel by the end of 2007 to above USD 147/barrel products of Vietnam. Crude oil exporting is essential in July 2008, and followed by an unexpectedly rapid for Vietnam’s economy because it provides the foreign decline to nearly USD 50/barrel at the end of 2008 - currency needed for imports, international transactions, and also for paying foreign debts. This source of foreign almost 70% compared to the peak. From the beginning currency also plays an important role in stabilisation of 2009, oil prices have fl uctuated and averaged USD of exchange rates, macro-economics adjustments and 64/barrel. However, in the wake of fi nancial crisis, the improvement of foreign currency liquidity for the national global economic downturn and the sharp fall in oil economy. prices, the consolidated revenue of Petrovietnam in 2009 still reached VND 137 trillion, 8% higher as compared Since crude oil was fi rst produced, it has always to 2008. In 2010, Petrovietnam made great progress accounted for a large share of export value as compared to to achieve consolidated sales of VND 235 trillion - an other major export products of Vietnam such as footwear, uncommonly high rate in the context of the world textiles and garments, and fi sheries. Table 2 illustrates the economic recession, and equivalent to 24% of GDP. By shares of export value (expressed in percentage) of some the end of 2012, the consolidated revenues reached major products of Vietnam in 2005 and in the period from VND 363 trillion, increasing 12% as compared with the 2008 to 2015. revenues in 2011. The state budget contribution was In 2005, crude exporting accounted for 26.41% of VND 186.3 trillion, which accounted for 24.4% of the Vietnam’s total exports and reached USD 7.37 billion. total revenue of the country. In 2013, consolidated In 2008, the fi gure was USD 10.36 billion, which was revenues of Petrovietnam increased by 7% compared to equivalent to 21.42% of total exports but then fell down the revenues in 2012, amounting to VND 390 trillion and to just only USD 3.806 billion in 2015 (or 2.34%). The its state budget contribution increased by VND 9,100 data showed that crude oil exports dropped sharply billion. As a result of the plunge in crude oil price, the from 2008 to 2015, and were particularly less than the consolidated revenues in 2014 and 2015 were down previous period. There are two reasons for the decrease 6% and 15% to VND 366 trillion and VND 311 trilion, in crude oil export value in recent years. Firstly, it is the respectively. However, the contribution of Petrovietnam decline of production in large fi elds, especially Bach Ho Table 1. Contribution of Petrovietnam to Vietnamese economy [2 - 9] Year 2008 2009 2010 2011 2012 2013 2014 2015 Petrovietnam’s consolidated revenue (trillion VND) 127.0 137.0 235.0 325.0 363.0 390.0 366.0 311.0 GDP (trillion VND) 1,477.7 1,700.5 1,980.8 2,537.5 2,978.2 3,139.6 3,937 4,192.9 Petrovietnam’s contribution in GDP (%) 18.9 16.0 24.0 26.6 25.9 24.3 9.3 7.4 Petrovietnam’s contribution to the State budget 121.8 88.0 110.4 160.8 186.3 195.4 189.4 115.1 (trillion VND) Petrovietnam’s contribution to the State budget (%) 29.2 22.6 27.9 27.1 24.4 24.1 23.3 13.0 Contribution of crude oil revenue to the State budget (%) 24.0 12.9 14.4 11.5 18.3 12.1 12.1 7.1 Table 2. Export value of major products Unit: % Year 2005 2008 2009 2010 2011 2012 2013 2014 2015 Crude oil 26.41 21.42 14.56 9.37 10.36 9.70 7.21 4.79 2.34 Footwear 10.89 9.87 9.57 9.55 9.37 8.58 8.38 6.81 7.39 Textiles 17.10 18.87 21.31 20.90 18.91 17.04 17.90 13.84 13.93 Fisheries 9.79 9.33 10.00 9.36 8.75 7.20 6.68 5.24 4.06 Other 35.81 40.51 44.56 50.82 52.61 57.48 59.83 69.32 72.28 Total 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 (Source: 2011 and 2015 Statistical Yearbook) PETROVIETNAM - JOURNAL VOL 10/2016 65 PETROLEUM ECONOMICS & MANAGEMENT fi eld. Secondly, in 2009 Dung Quat Refi nery went online governance. Petrovietnam's workforces are now able to and consumed a signifi cant amount of domestic crude manage large, important projects, or work independently oil. Despite this, crude oil was still important in the total in E&P activities, gas transportation and downstream export value of the country.
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