In 2024, Petrovietnam 's oil and gas reserves increased to 15.2 million tons of oil equivalent, exceeding the plan by 26.7% and increasing compared to 13 million tons of oil equivalent in 2023.
In 2024, Petrovietnam's oil and gas reserves increased to 15.2 million tons of oil equivalent, exceeding the plan by 26.7% and increasing compared to 13 million tons of oil equivalent in 2023.
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| With outstanding efforts, the increase in oil and gas reserves in 2024 was completed 30 days ahead of schedule. |
New changes
Before US President Donald Trump took office on January 20, 2025, the world oil and gas market witnessed a decline compared to previous years. Specifically, world crude oil prices in 2024 continued to decline compared to previous years, approaching the lowest level since November 2021.
In the Short-Term Energy Outlook (STEO) report published in December 2024, the US Energy Information Administration (EIA) forecast the average Brent oil price in 2025 at 77.59 USD/barrel (down from the previous report of 84.09 USD/barrel).
Besides, the trend of investing in developing renewable energy sources, new energy, and clean energy has led to attracting investment in the fossil energy sector becoming less attractive compared to the previous period.
However, the US and global oil and gas industry is expected to have significant changes with policies to promote fossil fuel production according to the recent statement of US President Donald Trump.
As a country with oil and gas exploitation activities, Vietnam will certainly be affected by these movements of the world oil and gas industry.
In 2024, with outstanding efforts, the increase in oil and gas reserves was completed 30 days ahead of schedule; in particular, the coefficient of reserve increase offset to domestic oil and gas production in 2024 reached 1.07 times.
Thus, since 2015 until now, this coefficient has returned to the >1 mark, which is the mark to ensure sustainable operation.
Specifically, the increase in oil and gas reserves reached 15.2 million tons of oil equivalent, exceeding the 2024 plan by 26.7% (the 2024 plan is 12 - 18 million tons of oil equivalent, the average is 15 million tons of oil equivalent), an increase of 17% compared to 2023 (2023 reached 13 million tons of oil equivalent).
With 3 new oil and gas discoveries (at Block 09-1, Rong field; Block PM3-CAA, Bunga Aster-1 field and Block 15-2/17, Hai Su Vang field), along with positive results of some other appraisal wells such as DH-28PI (Block 05-1a), SV-3X (Block 16-1/15)..., it has recorded an important milestone in 10 years (from 2015 to present), the Group has had 3 new oil and gas discoveries in one year.
In 2024, the oil and gas industry completed and put into operation 2 new oil and gas fields/projects, namely the BK23 rig of the Vietnam - Russia Joint Venture Vietsovpetro (put into operation from October 19, 2024, 57 days earlier than planned) and the Bunga Aster field put into operation from May 5, 2024.
As a result, oil production in 2024 reached 9.87 million tons, exceeding the annual plan by 1.67 million tons (about 20.4%). Of which, domestic oil production reached 8.1 million tons, exceeding the annual plan by 1.39 million tons, and foreign oil production reached 1.77 million tons, exceeding the annual plan by 282,000 tons. Gas production in 2024 is estimated at 6.32 billion m3, exceeding the annual plan by 1.22 billion m3.
Except for Bien Dong POC Company, which only achieved 95% of the assigned plan in terms of output, 97% of revenue, and 96% of after-tax profit, mainly due to EVN mobilizing electricity lower than expected, units in the field of oil and gas exploration and exploitation such as Vietsovpetro, PVEP, and Rusvietpetro all exceeded the annual plan for oil/condensate production (PVEP exceeded 9%; Vietsovpetro exceeded 6%, and Rusvietpetro exceeded 0.4%); the financial targets of the units all exceeded the annual plan from 3% to 41%.
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New challenges
Thus, if the US plan to increase oil production is implemented and world oil prices decrease, many oil and gas companies in the world will also face reduced profits, while costs may increase.
In Vietnam, the exploration and exploitation sector in 2025 is also identified by the National Energy Industry Group (Petrovietnam) as a "lowland" in the period of 2021 - 2025 and in the coming time.
“America will be a manufacturing nation again, and we have something no other manufacturing nation has. The most oil and gas, more than any country on Earth, and we will use it. We will drive down prices, fill our strategic reserves to the brim, and export American energy to the world,” US President Donald Trump emphasized.
The reason is that most of the wells/fields are in the final stage of their life, so the pressure is low and the WCT (water content decline stage) is high, leading to a decrease in production flow; the wells recover slowly after each production stop; the equipment systems of the main fields are old; operating costs are high because the equipment systems are used for a long time, requiring many well intervention measures; and there is a shortage of drilling rigs to deploy densely packed wells.
Meanwhile, new mine development projects are still slow to implement due to lengthy submission and approval procedures, which are not enough to compensate for the natural decline in mine production (up to 10-25%/year); key gas projects and new gas projects, with the characteristics of mine investment and development, take much more time and are much more complicated than oil fields, have high costs, and require agreement and synchronous investment and development between stages and investors in the project chain.
Petrovietnam also assessed that the exploration and reserve increase for 2025 and in the coming time will face many difficulties due to the forecast of the East Sea situation continuing to have complicated developments, greatly affecting the call for foreign investors to participate in investing in oil and gas exploration in the Group's open blocks.
Besides, finding and implementing good oil and gas exploration and exploitation projects abroad is increasingly difficult, having to compete fiercely with experienced and strong international companies.
Source: https://baodautu.vn/khai-thac-dau-khi-co-nhung-bien-dong-moi-d242373.html
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