By Dat Nguyen March 24, 2021 | 11:00 am GMT+7 vnexpress
Tam Dao 03 oil rig off Vietnam’s eastern coast. Photo by VnExpress/Quoc Huy.Vietnam’s crude oil export is plunging, partly because of depleting resources. An industrialist says the situation can only improve after new fields come online in several years.
Crude exports volume from January 1 to February 15 this year fell nearly 50 percent year-on-year to 354,700 tonnes, according to Vietnam Customs.
Most of Vietnam’s oil and gas fields have been harnessed for over 20 years ago and run their course, said Hoang Ngoc Trung, deputy director of Petrovietnam Exploration Production Corporation Ltd.
In the last five years, crude oil prices have been falling, which has affected investment in searching for new fields, he told the Tuoi Tre newspaper.
The corporation’s output was 3.8 million tonnes last year, down marginally from 2019, and the figure is set to fall another 10 percent this year.
However, Vietnam’s crude oil prices remain higher than the global average.
The global average price of Brent crude oil last year was $41.8 per barrel, but Vietnam sold them for $43.7, 4.5 percent higher.
In the first two months, Brent crude was $58.53 per barrel, compared to $59.94 percent in Vietnam.
Trung said exploitation volume is set to recover in the next two or three years with several new fields such as Dai Hung and White Lion coming online.Related News:
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Đăng bởi Trần Đình Hoành
I am an attorney in the Washington DC area, with a Doctor of Law in the US, attended the master program at the National School of Administration of Việt Nam, and graduated from Sài Gòn University Law School. I aso studied philosophy at the School of Letters in Sài Gòn.
I have worked as an anti-trust attorney for Federal Trade Commission and a litigator for a fortune-100 telecom company in Washington DC. I have taught law courses for legal professionals in Việt Nam and still counsel VN government agencies on legal matters. I have founded and managed businesses for me and my family, both law and non-law.
I have published many articles on national newspapers and radio stations in Việt Nam.
In 1989 I was one of the founding members of US-VN Trade Council, working to re-establish US-VN relationship.
Since the early 90's, I have established and managed VNFORUM and VNBIZ forum on VN-related matters; these forums are the subject of a PhD thesis by Dr. Caroline Valverde at UC-Berkeley and her book Transnationalizing Viet Nam.
I translate poetry and my translation of "A Request at Đồng Lộc Cemetery" is now engraved on a stone memorial at Đồng Lộc National Shrine in VN.
I study and teach the Bible and Buddhism. In 2009 I founded and still manage dotchuoinon.com on positive thinking and two other blogs on Buddhism. In 2015 a group of friends and I founded website CVD - Conversations on Vietnam Development (cvdvn.net).
I study the art of leadership with many friends who are religious, business and government leaders from many countries.
In October 2011 Phu Nu Publishing House in Hanoi published my book "Positive Thinking to Change Your Life", in Vietnamese (TƯ DUY TÍCH CỰC Thay Đổi Cuộc Sống).
In December 2013 Phu Nu Publishing House published my book "10 Core Values for Success".
I practice Jiu Jitsu and Tai Chi for health, and play guitar as a hobby, usually accompanying my wife Trần Lê Túy Phượng, aka singer Linh Phượng.
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