Vietnam may rely on West African crude oil as domestic output falters: S&P

The Hanoitimes – Nigerian and Angolan grades are seen as cheaper than Southeast Asian oil. Vietnam is poised to actively venture into Africa to secure a regular dose of light and medium sweet crude supply for the coming years, as the country’s domestic crude production continues to decline due to naturally aging fields, according to S&P Global Platts. Tam Dao No.01 jack-up rig operated by Vietsovpetro. Source: PetroTimes Meanwhile, state-run Binh Son Refining and Petrochemical (BSR) finds Nigerian and Angolan grades cheaper than Southeast Asian oil. BSR, the operator of the 148,000 barrel per day Dung Quat refinery in central Vietnam, is under pressure to find a steady stream of feedstock supply from external sources as the supply of various domestic crude grades that primarily feeds the plant is running dry. State-run oil firm PetroVietnam produced 11.47 million metric ton of crude oil in 2020, down 12.4% from 2019 and marking the fifth consecutive yearly decline. Vietsovpetro, a stakeholder and operator of some of major domestic upstream projects, produced estimated 3.42 million metric ton of crude oil in 2020, down 8.8% from a year ago, the company said. Dung Quat was originally designed to process primarily domestic crude grades, including Bach… Read full this story

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