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2018-05-02 13:10:00

VIETNAM OIL PRODUCTION DOWN 11.8%

VIETNAM OIL PRODUCTION DOWN 11.8%

PLATTS Vietnam is estimated to have produced 1.01 million mt (246,777 b/d) of crude oil in April, down 11.8% from the same month last year, according to data released Sunday by the General Statistics Office. 

Actual crude production in the first quarter was 3.16 million mt, sliding 8.4% year on year.

In the first four months, the country produced an estimated 4.16 million mt of crude, down 9.4% year on year. The drop was in line with a declining trend in Vietnam's crude production.

State-owned PetroVietnam said earlier this year that it plans to produce 13.23 million mt of crude in 2018, down 14.8% from 2017, mainly as production from major aging fields will continue to shrink.

The country's crude exports in April are estimated at 248,000 mt, down 52.6% from the same month last year.

In the first four months, Vietnam exported 1.24 million mt of crude, tumbling 24.9% year on year.

Vietnam exported 991,427 mt of crude in the first quarter, falling 34.7% from a year ago, mostly to China, Thailand and Australia, according to preliminary data released on April 10 by Vietnam Customs.

Part of the country's crude output is exported, with the rest used by its 130,000 b/d refinery at Dung Quat in the central region.

Vietnam's second refinery, with a capacity of 200,000 b/d, at Nghi Son, on May 1 produced its first batch of commercial 92 RON gasoline, Nghi Son Refinery and Petrochemical said on May 1. The refinery will be processing crude imported from Kuwait.

Meanwhile, Vietnam is estimated to have produced 870 million cu m of natural gas in April, down 5.4% year on year, GSO said.

Actual output of natural gas in Q1 was 2.68 Bcm, rising 6.3% year on year.

Production of natural gas in the first four months rose to an estimated 3.55 Bcm, up 3.1% year on year.

PetroVietnam, through its gas arm PV Gas, supplies natural gas to meet 35% of Vietnam's electricity requirements and 70% of its fertilizer needs.

Vietnam is estimated to have produced 65,900 mt of LPG in April, down 6.4% year on year.

Dung Quat and the Dinh Co gas processing plant in the southern province of Ba Ria-Vung Tau are two major domestic suppliers of LPG in Vietnam. The Dung Quat refinery is able to produce up to 420,000 mt/year of LPG, refinery operator Binh Son Refining and Petrochemical Company said on its website.

The Dinh Co plant has capacity to produce 300,000 mt/year of LPG, according to PV Gas.

Vietnam's LPG market is dominated by PV Gas, which currently has around 70% of market share.

Actual production of LPG in Q1 increased 10.5% year on year to 223,400 mt.

During January-April, Vietnam produced an estimated 289,300 mt of LPG, up 6.2% from a year earlier.

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Tags: VIETNAM, OIL, PRODUCTION