Vietnam to Produce Average 400,000 Barrels a Day by 2030: U.S. Govt

Vietnam’s crude oil production will probably increase to an average of 400,000 barrels a day until at least 2030, the U.S. government forecast, explaining that the Southeast Asian country will halt a four-year decline in output.

 

The projections accompanied the 2009 International Energy Outlook that the U.S. Energy Information Administration released in Washington on May 27.

 

Vietnamese oil production has declined each year since peaking in 2004 at about 427,000 barrels s day, according to BP Plc.

 

In the first five months of this year, Vietnam produced about 7.3 million metric tons of crude oil or 354,461 barrels a day, according to the preliminary estimates from the General Statistics Office (GSO) in Hanoi.

 

Vietnam could maintain production of 400,000 barrels a day through 2030 in a low oil price scenario, according to the Energy Information Administration. In high oil price scenario, Vietnamese production would be expected to slip to about 300,000 barrels a day by 2025, said the organization.

 

The state-owned oil monopoly PetroVietnam group has targeted to produce 24 million tons of oil equivalents from 16 million tons of crude oil and condensate and 8 billion cubic meters of natural gas next year. (Young People)