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VIET NAM


CAPITAL: Hanoi

MONETARY UNIT: Dong

REFINING CAPACITY: None

OIL PRODUCTION: 226,400 b/d

OIL RESERVES: 600 million bbl

GAS RESERVES: 6.8 tcf

A joint venture of Russian and Vietnamese state firms signed an agreement to build Viet Nam`s first refinery, at Dung Quat in central Quang Ngai province.

ZarubezhneftandPetrovietnam planned to build a 130,000 b/d refinery to process crude oil from Viet Nam`s Bach Ho offshore oil field, where the Russo-Vietnamese exploration and production joint venture Vietsovpetro was the operator.

Earlier, Total and then a consortium led by Malaysian state firm Petronas quit the project because the Vietnamese government insisted on building it in a remote area, about 1,000 km from anticipated markets and export terminals in southern Viet Nam. The remoteness of the site was expected to add $28.7 million/year to refinery transportation costs.

The Dung Quat refinery was expected to cost $1.5 billion. Petrovietnam let a $15 million contract to Foster Wheeler Ltd., Reading, U.K., for front-end engineering design of the plant.

Zarubezhneft operated Viet Nam`s main oil field in waters off the south of the country in partnership with Petrovietnam.

A Zarubezhneft official admitted the location was a "bad site" but said his firm believed in the long-term potential of the refinery.

Upstream

PTT International Ltd. joined with Fina Exploration Minh Hai BV to explore on offshore Blocks 46, 50, and 51. Petrofina was operator with a 70% stake.

The blocks, 130 km off the southwest coast, cover 6,700 sq km. Fina drilled nine wildcats, seven of which were oil and gas discoveries. Petrovietnam had an option to acquire an interest of up to 15% upon field development.

Mitsubishi Oil Co. Ltd. began production from the northern edge of Rang Dong oil field. Output was expected to reach 45,000 b/d. It was due to process half of the production at its Mizushima, Japan, refinery.

Malaysian state firm Petronas was considering suspending Phase II development of Block PM-3 in the Commercial Arrangement Area (CAA) between Malaysia and Viet Nam.

Five oil and gas fields (Bunga Kekwa, Bunga Raya, Bunga Pakma, Bunga Seroja, and Bunga Orkid) were discovered on the block, but the geology was complex, and more than 100 separate reservoirs were identified. Petronas saw no immediate market for the oil.

Petronas began production of 8,000 b/d of oil from two slim-hole wells in offshore Ruby field. Production was due to reach 20,000 b/d in 1999.

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