Please Wait.....
Report
Vietnam Oil & Gas Upstream - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2025 - 2030)
Market Report I 2025-04-28 I 95 Pages I Mordor Intelligence
The Vietnam Oil & Gas Upstream Market size is estimated at 177.76 thousand barrels per day in 2025, and is expected to reach 182.25 thousand barrels per day by 2030, at a CAGR of 0.5% during the forecast period (2025-2030).
Key Highlights
- Over the medium term, the upstream market of Vietnam is primarily driven by two main factors: the growing demand for Vietnam's sweet crude in Southeast Asian markets and the high prices of crude oil, which can bring more revenue for new investments.
- On the other hand, the rising investments in renewable energy projects are expected to restrain the market's growth during the forecast period.
- Many foreign upstream companies have invested heavily and continue to invest in new hydrocarbon discoveries in Vietnam's offshore region, which is likely to create opportunities for the market studied.
Vietnam Oil & Gas Upstream Market Trends
The Offshore Segment is Expected to Dominate the Market
- Vietnam's oil and gas upstream market is witnessing an upward trend driven by several key factors. The country possesses significant offshore oil and gas reserves in the South China Sea, particularly in basins like Cuu Long and Nam Con Son. Ongoing exploration efforts have led to the discovery of new reserves, attracting investments and stimulating the growth of the upstream sector.
- The Vietnamese government has actively fostered an environment conducive to foreign investment in the oil and gas industry. By implementing favorable policies and regulatory frameworks, such as offering production-sharing contracts (PSCs), the government has encouraged international companies to participate in exploration and production activities.
- Vietnam has been focusing on infrastructure development to support upstream operations. Investments have been made in the construction of offshore production platforms, drilling rigs, pipelines, and onshore processing facilities. Such infrastructure enhancements strengthen Vietnam's oil and gas exploration, production, and export capabilities.
- According to the Energy Institute Statistical Review of World Energy 2023, the crude oil production in the country in 2022 was 194 thousand barrels per day, the majority of which were from offshore blocks.
- In January 2023, Pharos Energy announced that it planned to start drilling in Block 125 offshore in eastern Vietnam.
- In January 2023, the Vietnamese government announced that it was seeking to accelerate preparatory work for two offshore gas projects - Ca Voi Xanh (Blue Whale) and Block B - to diversify the country's energy sources soon. Vietnam's most significant offshore gas project, Ca Voi Xanh, is located off Vietnam's central coast and has an estimated capacity of 150 billion cubic meters. Block B, located off the southwestern coast, is estimated to have 107 billion cubic meters in reserves.
- Such developments are expected to boost the growth of the upstream oil and gas market during the forecast period.
Increasing Demand for Natural Gas is Expected to Drive the Market's Growth
- The oil and gas upstream market in Vietnam is poised to experience growth driven by the increasing demand for natural gas. This surge in demand can be attributed to several factors.
- Firstly, as part of the global energy transition toward cleaner fuels, natural gas is gaining prominence as a cleaner alternative to coal and oil. In its efforts to reduce carbon emissions and meet climate commitments, Vietnam is shifting toward utilizing natural gas for power generation and industrial applications. This transition creates opportunities for exploration and production activities in the country's upstream sector.
- Secondly, Vietnam is expanding its electricity generation capacity, and natural gas is favored as a fuel for power plants due to its lower carbon emissions compared to coal. As the demand for electricity continues to rise, the construction of natural gas-fired power plants necessitates a stable supply of natural gas, thereby driving exploration and production efforts in the market.
- Vietnam's industrial and commercial sectors rely heavily on natural gas for various applications such as manufacturing, petrochemicals, and hospitality. With ongoing industrial growth, the demand for natural gas as a fuel and feedstock is increasing, further stimulating the need for additional natural gas reserves and driving activity in the upstream market.
- The country recently showed interest in increasing the share of natural gas in the power generation mix. According to the Statistical Review of World Energy, in 2023, electricity generation from natural gas stood at 9.5% of the total energy mix.
- In February 2023, the Vietnamese government approved the investment policy of the 2,250 MW Son My 2 CCGT power plant project in Quy Nhon, Binh Dinh province. The project will require an investment of USD 1.8 billion. The construction was expected to begin in 2023, and the commissioning is scheduled for 2025.
- In March 2024, Japan's Mitsui Oil Exploration (MOECO) announced its decision to invest in and develop Vietnam's Block B gas field, with its share of the development cost of about USD 740 million. The project, 330 km (205 miles) off southwest Vietnam, will comprise a gas field and a pipeline linking it to a gas-fired thermal power plant.
- Vietnam aims to reduce its dependence on imported natural gas by increasing domestic production. According to the Energy Institute Statistical Review of World Energy 2023, natural gas production in the country in 2022 was 0.75 billion cubic feet per day, an increase of 8.3% compared to the previous year.
- Owing to such developments, the growing demand for natural gas is expected to drive the oil and gas upstream market.
Vietnam Oil & Gas Upstream Industry Overview
The Vietnamese oil and gas upstream market is semi-consolidated. Some of the key players in the market include ExxonMobil Corporation, Eni SpA, Vietnam Oil and Gas Group (Petrovietnam), Essar Oil And Gas Exploration And Production Ltd, and Jadestone Energy PLC.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Crude Oil Production and Forecast, in Thousand Barrels, till 2029
4.3 Natural Gas Production Forecast, in billion cubic feet per day, till 2029
4.4 Recent Trends and Developments
4.5 Government Policies and Regulations
4.6 Market Dynamics
4.6.1 Drivers
4.6.1.1 Increasing Crude Oil Prices
4.6.1.2 Increasing Demand For Natural Gas For Energy Consumption
4.6.2 Restraints
4.6.2.1 Complex Permitting Processes, And Bureaucratic Procedures
4.7 Supply Chain Analysis
4.8 PESTLE Analysis
4.9 Investment Analysis
5 MARKET SEGMENTATION
5.1 Location of Deployment
5.1.1 Onshore
5.1.2 Offshore
5.2 Product
5.2.1 Crude Oil
5.2.2 Natural Gas
5.2.3 Other Products
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Vietnam Oil and Gas Group (Petrovietnam)
6.3.2 ExxonMobil Corporation
6.3.3 Japan Drilling Co. Ltd
6.3.4 Jadestone Energy PLC
6.3.5 Saipem SpA
6.3.6 Eni SpA
6.3.7 Essar Oil and Gas Exploration and Production Ltd
6.3.8 ONGC Videsh Ltd
6.4 Market Ranking Analysis
6.5 List of Other Prominent Companies
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Collaboration With Foreign Companies
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security