Vietnam Oil & Gas Upstream Market Size (2024 - 2029)

The Vietnam Oil & Gas Upstream Market is projected to experience modest growth over the forecast period, driven by increasing demand for the country's sweet crude in Southeast Asian markets and elevated crude oil prices, which enhance revenue potential for new investments. Despite these growth drivers, the market's expansion may be hindered by rising investments in renewable energy projects. Additionally, significant investments from foreign upstream companies in Vietnam's offshore hydrocarbon discoveries underscore the market's potential.

Home Market Analysis Energy & Power Research Oil and Gas Research Upstream Research Vietnam Oil & Gas Upstream Market Market Size

Market Size of Vietnam Oil & Gas Upstream Industry

Vietnam Oil & Gas Upstream Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR (2024 - 2029) 0.50 %
Market Concentration Medium

Major Players

Vietnam Oil & Gas Upstream Market Major Players

*Disclaimer: Major Players sorted in no particular order

Vietnam Oil & Gas Upstream Market Analysis

The Vietnam Oil & Gas Upstream Market size is estimated at 176.88 Thousand barrels per day in 2024, and is expected to reach 181.34 Thousand barrels per day by 2029, growing at a CAGR of 0.5% during the forecast period (2024-2029).

  • Over the medium term, 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.
  • On the other hand, the rising investments in renewable energy projects are expected to restrain the market’s growth during the forecast period.
  • Many foreign upstream companies have invested heavily and continue to invest in new hydrocarbon discoveries in Vietnam's offshore region, which is likely to create opportunities for the market studied.

Vietnam Oil & Gas Upstream Industry Segmentation

The oil and gas upstream market refers to the oil and gas industry's exploration and production (E&P) sector. It involves activities related to searching for and extracting crude oil and natural gas reserves from underground or underwater reservoirs. The upstream sector encompasses various stages, including seismic surveys, drilling, well construction, and production operations.

The Vietnamese oil and gas upstream market is segmented by location of deployment and product. By location of deployment, the market is segmented into onshore and offshore. By product, the market is segmented into natural gas, crude oil, and other products. For each segment, the market sizing and forecasts have been done based on volume (thousand barrels per day and billion cubic feet per day).

Location of Deployment
Onshore
Offshore
Product
Crude Oil
Natural Gas
Other Products
Need A Different Region Or Segment?
Customize Now

Vietnam Oil & Gas Upstream Market Size Summary

The Vietnam oil and gas upstream market is experiencing a positive trajectory, driven by the country's substantial offshore reserves in the South China Sea, particularly in the Cuu Long and Nam Con Son basins. The Vietnamese government's proactive approach in creating a favorable investment climate through policies like production-sharing contracts has attracted significant foreign investments. These efforts have been bolstered by ongoing exploration activities that have uncovered new reserves, further stimulating market growth. Infrastructure development, including the construction of offshore production platforms and pipelines, has enhanced Vietnam's capabilities in exploration, production, and export, supporting the sector's expansion.

The market's growth is also fueled by the increasing demand for natural gas, which is becoming a preferred energy source as Vietnam transitions towards cleaner fuels. This shift is part of the country's broader strategy to reduce carbon emissions and meet its climate commitments. The rising electricity generation capacity, with natural gas-fired power plants playing a central role, underscores the need for a stable natural gas supply, driving exploration and production activities. Additionally, Vietnam's industrial sector's growing reliance on natural gas for various applications further stimulates demand. Recent investments in major gas projects, such as the Son My 2 CCGT power plant and the development of the Block B gas field, highlight the country's commitment to boosting domestic production and reducing dependence on imports, thereby supporting the upstream market's growth.

Explore More

Vietnam Oil & Gas Upstream Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Crude Oil Production and Forecast, in Thousand Barrels, till 2029

    3. 1.3 Natural Gas Production Forecast, in billion cubic feet per day, till 2029

    4. 1.4 Recent Trends and Developments

    5. 1.5 Government Policies and Regulations

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

        1. 1.6.1.1 Increasing Crude Oil Prices

        2. 1.6.1.2 Increasing Demand For Natural Gas For Energy Consumption

      2. 1.6.2 Restraints

        1. 1.6.2.1 Complex Permitting Processes, And Bureaucratic Procedures

    7. 1.7 Supply Chain Analysis

    8. 1.8 PESTLE Analysis

    9. 1.9 Investment Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Location of Deployment

      1. 2.1.1 Onshore

      2. 2.1.2 Offshore

    2. 2.2 Product

      1. 2.2.1 Crude Oil

      2. 2.2.2 Natural Gas

      3. 2.2.3 Other Products

Vietnam Oil & Gas Upstream Market Size FAQs

The Vietnam Oil & Gas Upstream Market size is expected to reach 176.88 thousand barrels per day in 2024 and grow at a CAGR of 0.5% to reach 181.34 thousand barrels per day by 2029.

In 2024, the Vietnam Oil & Gas Upstream Market size is expected to reach 176.88 thousand barrels per day.

Vietnam Oil & Gas Upstream Market Report Snapshots

Vietnam Oil And Gas Upstream Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)