Vietnam Oil and Gas Upstream Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The Vietnamese oil and gas upstream market is expected to record a CAGR of more than 3% during the forecast period. The COVID-19 pandemic had an adverse impact on the upstream market due to disrupted operations caused by the lack of manpower at terminals and ports. The businesses had to implement a one road-two destinations model, where employees stayed in dormitories or hotels and were transported in company vehicles to the production sites. However, the rise in oil prices during the pandemic helped them to compensate for the losses. 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. However, the exceptionally high interference of government in the oil and industry, like approvals and permits for even technical details, has hampered the industry's growth.
Key HighlightsThe Vietnamese oil and gas upstream market is moderately consolidated. Some of the key players in the market include ExxonMobil Corporation, Eni SpA, Vietnam Oil and Gas Group (Petrovietnam), NK Rosneft' PAO, and Jadestone Energy PLC.
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