Oil production in Vietnam 2012-2023

In 2023, oil production in Vietnam amounted to approximately 188 thousand barrels a day. In that year, oil consumption in the country was around 602,000 barrels a day. Industrialization, market reforms, export market expansion and rapid economic growth have increased domestic energy consumption in the past years.

Crude oil sector in Vietnam

Most of Vietnam's crude oil and natural gas reserves lie offshore, primarily in the Cuu Long and the Nam Con Son basins. In 2021, Vietnam’s additional oil and gas reserves stood at 13.5 million metric tons. The country's leading export markets for crude oil are Thailand, Australia and Japan. In 2022, Vietnam ranked seventh in the Asia Pacific region in terms of oil production.

Vietnam Oil and Gas Group (PetroVietnam)

PetroVietnam (PVN) was established in 1975 with its headquarters in Hanoi. The company is a state-owned corporation which is engaged in the exploration, production, processing and marketing of oil and gas. PVN owns and operates two refinery plants, two fertilizer plants, two biofuel plants and one fiber plant. Furthermore, PVN is among the largest power producers in Vietnam.