Predictions of peak oil and the impending demise of fossil fuels will hit Asian oil refiners especially hard. The region is home to three of the top four oil-guzzling nations, and more than a third of global crude processing capacity. Yet, Asian refiners are expanding at a breakneck pace, even building massive new plants designed to run for at least half a century.
What is going on?
After a century of powering the world’s vehicles, oil refiners are having to plan for an oil-free future in mobility as cars begin switching to batteries, ships burn natural gas, and innovation brings on other energy sources such as hydrogen. Goldman Sachs Group Inc. predicts oil demand for transportation will peak as early as 2026.
Yet, even as a slew of headlines announce oil major BP Plc selling its prized Alaskan fields or Royal Dutch Shell Plc pulling the plug on refineries from Louisiana to the Philippines, Asia’s big refineries are planning for a much longer transition. Chinese refining capacity has nearly tripled since the turn of the millennium, and the nation will end more than a century of U.S. dominancethis year. And China’s capacity will continue climbing – to about 20 million barrels a day by 2025, from 17.4 million barrels at the end of 2020. India’s processing is also rising rapidly and could jump by more than half to 8 million barrels a day in the same time.
By Dat Nguyen March 24, 2021 | 11:00 am GMT+7 vnexpressTam 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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Một số cơ quan thông tin quốc tế nói rằng dưới sức ép của Trung Quốc, Việt Nam đã phải dừng khoan dầu tại lô 136. Tuy nhiên dừng không phải là vì sợ và cũng không có nghĩa là từ bỏ việc khai thác dầu ở đây.