Asia’s oil refiners aren’t going away anytime soon

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.

Crude oil exports plunge as resource depletes

By Dat Nguyen   March 24, 2021 | 11:00 am GMT+7 vnexpressCrude oil exports plunge as resource depletesTam 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:

Vietnam Approves Pharos Energy’s Offshore Oil Project 

OE Staff September 11, 2020

Armada TGT-1 FPSO - Image Credit: Pharos Energy

Armada TGT-1 FPSO – Image Credit: Pharos Energy

Pharos Energy said Friday it had received approval from the Prime Minister of Vietnam for the development plan of an offshore oil field in Vietnam.

Pharos, until recently known as Soco International, said that the approval of what is called the TGT Full Field Development Plan represented the “last stage of the required process.”

Pharos has previously said that the plan, which includes drilling of six producer wells, had been approved by all partners in the field, and was awaiting PM’s green light. The PM’s approval, announced Friday, follows the recently granted two-year TGT field license extension to December 7, 2026.

“Ordering of long-lead items can now proceed to enable the commencement of the drilling of six firm development wells contained in the FFDP in Q4 2021 as planned,” Pharos Energy said.

This infill-drilling program is targeted to increase gross production at TGT field off Vietnam from the current levels of around 15,000 boepd to around 20,000 boepd in 2022.
Credit: Pharos EnergyEd Story, President, and Chief Executive Officer, said: “We are pleased to have received approval from the Prime Minister of Vietnam for the TGT Full Field Development Plan. This final approval enables us to put plans in place to commence the drilling of the six new producer wells on TGT starting in Q4 2021, allowing us to realize further resources in the TGT field.” Tiếp tục đọc “Vietnam Approves Pharos Energy’s Offshore Oil Project”

Big Oil Took a Big Hit from the Coronavirus, Earnings Reports Show

Companies report billions in losses and decreased value of assets, but still plan to expand oil and gas production going forward.

ExxonMobil petroleum projects in central Vietnam ongoing as planned

By Viet Anh   September 12, 2019 | 08:43 pm GMT+7

ExxonMobil petroleum projects in central Vietnam ongoing as planned
Ca Voi Xanh gas field is 88 kilometers to the east of central Vietnam shore. Graphics by Exxon Mobil.

Petroleum projects being executed jointly by PetroVietnam (PVN) and America’s ExxonMobil in central Vietnam are proceeding as scheduled.

“The Vietnam Oil and Gas Group (PVN) has said that petroleum projects in central Vietnam, including projects at sea and on land, are being carried out as planned by PVN, Petrovietnam Exploration Production Corporation (PVEP) and ExxonMobil,” Foreign Ministry spokeswoman Le Thi Thu Hang said at a press meeting Thursday.

Tiếp tục đọc “ExxonMobil petroleum projects in central Vietnam ongoing as planned”

Vietnam takes a stand in the South China Sea

Vietnam takes a stand in the South China Sea
A Vietnamese soldier stands watch overlooking the South China Sea. Photo: Facebook

After buckling in previous confrontations, Vietnam is finally facing down Chinese expansionism in its oil and gas-rich waters

Normally, Vietnam would have backed down. In July 2017 and March 2018, when China reportedly threatened military action if Vietnam did not stop oil exploration in contested areas of the South China Sea, Vietnam blinked and withdrew its vessels.

Last year, Vietnam scrapped a US$200 million oil and gas development project with Spanish energy giant Repsol situated within its own exclusive economic zone (EEZ) due to Chinese pressure. However, when a Chinese survey ship and coastguard vessels sailed last month to the contested oil-rich Vanguard Bank, which also lies well within Vietnam’s southeastern EEZ, Hanoi stood its ground. Tiếp tục đọc “Vietnam takes a stand in the South China Sea”

Biển Đông: Cuộc chơi và luật chơi của ai?

  • 19.05.2018, 14:53

TTCT – Vụ một nhóm du khách Trung Quốc nhập cảnh vào Cam Ranh với áo thun in hình “lưỡi bò” trên lưng chỉ là một trong vô vàn âm mưu thôn tính lớn nhỏ.

Biển Đông: Cuộc chơi và luật chơi của ai?
Máy bay vận tải quân sự Thiểm Tây Y-8 của Trung Quốc trên đá Subi, ảnh công bố ngày 28-4. Ảnh: AMTI

Hôm thứ hai 14-5, Hãng thời trang GAP đã xin lỗi Bắc Kinh vì bán ra những áo thun in bản đồ Trung Quốc mà không thể hiện trên đó Đài Loan, Nam Tây Tạng và biển Nam Hải (cách Trung Quốc gọi Biển Đông). Hãng GAP cam kết trong một thông báo trên Hoàn Cầu Thời Báo rằng họ “tôn trọng chủ quyền và sự vẹn toàn lãnh thổ của Trung Quốc”.

Báo mạng chuyên về kinh tế – tài chính Business Insider của Mỹ, phát hành bằng 8 thứ tiếng Anh, Ba Lan, Đức, Hà Lan, Nhật, Pháp, Hoa, Ý, còn “lập công” khi cho biết “đến tối thứ hai, Business Insider vẫn tìm thấy áo thun gây tranh cãi của Hãng GAP được bán” ngoài thị trường. Vụ việc đó, cùng vụ mặc áo thun in hình “lưỡi bò” ở Việt Nam, thật điển hình cho “cuộc chơi” cùng “luật chơi” ở Biển Đông lúc này. Tiếp tục đọc “Biển Đông: Cuộc chơi và luật chơi của ai?”

China’s intimidation in the South China Sea poses an economic threat to Vietnam

Author: Bill Hayton, Chatham HouseVietnam has lost another sea battle: a US$200 million oil and gas development project — known as the ‘Red Emperor’ development — off Vietnam’s southeast coast has been suspended, possibly cancelled. Hanoi’s hopes of a hydrocarbon boost to its stretched government budget have been dashed. And the culprit is Vietnam’s ‘good neighbour, good comrade and good friend’ to the north.

A Chinese Coast Guard vessel passes near the Chinese oil rig, Haiyang Shi You 981 in the South China Sea, 13 June 2014 (Photo: Reuters/Nguyen Minh).

The project, many years in the making, was a joint venture between Repsol of Spain, Mubadala of Abu Dhabi and the state-owned energy company PetroVietnam. Commercial drilling was due to begin this April and oil and gas were expected to flow for at least 10 years. A specialised platform built in the port of Vung Tau lies idle, as do the contracted drilling rig and storage tanker. Tiếp tục đọc “China’s intimidation in the South China Sea poses an economic threat to Vietnam”

MoIT to reveal list of gas traders

Vietnamnews Update: September, 19/2017 – 17:19HÀ NỘI — Việt Nam’s Ministry of Industry and Trade (MoIT) has recently announced a list of eligible exporters, importers and distributors of gas.

Under the announcement, 51 enterprises are eligible to distribute gas and 23 traders are qualified to export and import gas in Việt Nam according to Decree No 19/2016/NĐ-CP on regulations of gas business and requirements for gas trading in Việt Nam. Tiếp tục đọc “MoIT to reveal list of gas traders”

Exxon Mobil Vietnam gas project could start in November: state TV

Exxon Mobil Corp’s Blue Whale gas project, Vietnam’s biggest, could start in November

By Reuters

August 31,2017, 10:16 GMT+7

Exxon Mobil Vietnam gas project could start in November: state TV
The logo of Exxon Mobil is seen in Encinitas, California April 4, 2016. Photo: Reuters
Exxon Mobil Corp’s Blue Whale gas project, Vietnam’s biggest, could start in November, Vietnam Television (VTV) reported on Tuesday.

The Blue Whale field has an estimated 150 billion cubic metres of reserves. Prime Minister Nguyen Xuan Phuc told Exxon Mobil on Tuesday he hoped to have the project starting officially at an Asia-Pacific Economic Cooperation summit in November when U.S. President Donald Trump and U.S. government officials are expected to attend, state-run VTV reported.

Vietnam is trying to switch to cleaner energy from coal-fired power plants. The country is also planning solar and wind power plants. Tiếp tục đọc “Exxon Mobil Vietnam gas project could start in November: state TV”