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Posts Tagged ‘crude’

Vietnam’s first refinery gets crude for test run

In Uncategorized on December 1, 2008 at 2:37 pm

Quang Ngai (VNA) – The Dung Quat oil refinery in central Quang Ngai province on Nov. 30 received the first 80,000 MT of crude oil that will service its test-runs.

Present at the event, Vice Chairman of the National Assembly Huynh Ngoc Son expressed his belief that the Vietnam Oil and Gas Group, the Dung Quat oil refinery project management board and relevant sectors will work to put the refinery into operation on schedule to ensure energy security for the country.

According to the Vietnam Oil and Gas Group’s plan, the Dung Quat oil refinery will get 4 million tonnes of crude oil from the Bach Ho (White Tiger) oil field for its one-year test-running period.

The supply of crude oil will be undertaken by the Oil Corporation (PV Oil), which will take the responsibility of distributing all 3.4 million tonnes of oil and gas products produced by the Dung Quat oil refinery.

When officially operating in 2010, the Dung Quat oil refinery is expected to churn out around 5.7 million tonnes of petrol and oil of international standard to primarily serve domestic consumption.

The country’s first refinery is designed to be capable of refining 6.5 million tonnes of crude oil into LPG, Propylene and petrol 90RON, 92RON, kerosene, Jet A1, diesel, FO which are expected to meet around 30 percent of local demands.

So far, the Dung Quat refinery has almost 98 percent of its construction workload completed. It is expected to start commercial operation by late February, 2009.

On Nov. 12, the refinery put its first generator, a 4002A turbine, of four generators that will provide electricity to power the refinery, into operation. The remaining three generators are expected to become operational by the end of December this year.-

Dung Quat refinery to use imported crude oil

In Uncategorized on October 8, 2008 at 1:27 pm

The Vietnam Oil and Gas Group (PVN) is negotiating with BP of Britain and Shell of the US to import crude oil for the Dung Quat refinery, which is scheduled to start operation in February next year.

PVN said it plans to import oil to meet 30 percent of Dung Quat’s crude demand estimated at 3.5 million tonnes at its initial phase and around 6.5 million tonnes in 2010.

It was intended the nation’s first oil refinery would use crude oil from the Bach Ho field but as oil from the field is fetching the highest price in the market, the import of crude to replace part of this supply will be more enconomically beneficial.

The Oil Corporation (PV Oil) will undertake the sales of all product of the Dung Quat refinery during the refinery’s test running period.

PVN said that it is considering several possibilities regarding the Dung Quat refinery, which either see it operating as an independent business or being sold to a foreign partner.-

Crude output falls short of expectation

In Uncategorized on September 16, 2008 at 9:36 am

Hanoi (VNA) – It is difficult for the Vietnam National Oil and Gas Group (PetroVietnam) to achieve its yearly target of tapping 16.2 million tonnes of crude oil this year, according to a group executive.

So far this year, PetroVietnam has only 57 percent of the set target done, the executive said, adding that output at the newly-operated oil fields such as the Phuong Dong (East) and Ca Ngu Vang (Golden Tuna) has fallen short of expectation and the exploitation at overseas oil fields was delayed due to objective reasons.

Despite low crude oil output, PetroVietnam earned more than 8 billion USD from exports in the first eight months of this year, up 80 percent from the same period last year, thanks to higher price on the world market, the executive said.

The oil price stood at an average 117.6 USD per barrel during the eight-month period, 53.6 USD higher than PetroVietnam’s expectation.

The executive said in a bid to realise the annual target, in the remaining months of this year, PetroVietnam will put more oil fields into operation, along with completing negotiations on three projects overseas with foreign partners, including Zarubezneft and OAO Gasprom of Russia and PDVSA of Venezuela.-

PetroVietnam targets 16 million tonnes of crude oil

In Uncategorized on July 4, 2008 at 4:53 pm

The Vietnam National Oil and Gas Group (PetroVietnam) is striving to pump out 15.5-16 million tonnes of crude oil this year in an effort to help the nation curb inflation.

PetroVietnam Chairman Dinh La Thang told reporters on July 4 that amidst growing crude oil prices in the world, ensuring exploitation output is most important to boost export turnover, and make more contribution to the state budget.

To this end, he said, the group is working urgently to tap five oil wells ahead of schedule, including Ca Ngu Vang (Gold Tuna) and Bungaorkid ( Malaysia ) wells which are expected to bring out the first barrels later this month.

The three other wells are Phuong Dong, Su Tu Vang (Gold Lion) and Song Doc, to be tapped in August and September.

Thang said PetroVietnam is calling for foreign investment in exploring and exploiting oil and gas in potential areas, while seeking overseas investment opportunities and purchase of oil and gas wells in Africa, America , former SNG countries and Southeast Asia .

The company is finalising negotiations to sign contracts on oil and gas exploration and exploitation in Russia and Venezuela , Thang said.

It also focuses on removing bidding difficulties and ensuring the tempo of projects, particularly key projects.

In the first half of this year, PetroVietnam pumped out 7.19 million tonnes of crude oil and 3.62 billion cu.m of gas, achieving 95 percent and 106 percent of its yearly targets, respectively.

The group earned 5.72 billion USD from crude oil exports, a year-on-year increase of 55 percent. Its six-month revenues made up 24.7 percent of the country’s gross domestic product (GDP).-