views Vietnam as core growth area investment
Hwang, president and general manager of Conoco Vietnam.
oil and gas multinational Conoco views Vietnam as a core growth
area, and a vital part of its overall, long-term investment plan
for Southeast Asia.
plan to invest more than $500 million over the next five years
to significantly expand our operations in the country,ö said
Joe Hwang, president and general manager of Conoco Vietnam,
based in Ho Chi Minh City.
entering Vietnamĺs petroleum industry in 1996, Conoco has
invested over $200 million. The companyĺs additional
investment will fund new and continuing exploration and
development programs, as well as support its plans to establish
a viable natural gas business in the country. The companyĺs
activities to date have focused primarily on oil exploration and
production. Hwang reaffirms the companyĺs vision to become a
long-term, premier energy supplier in Vietnam.
bullish outlook is fueled by the following fact: Vietnamĺs
crude oil exports are over 100 million tons and 745 million
barrels, estimated at $15 billion.
has grown at a fast pace over the last few years. The company
holds a large portfolio of high-quality offshore assets, where
it explores and produces crude oil and natural gas. It holds
substantial interests in six offshore blocks, totaling more than
6 million gross acres, which represents the largest acreage
position of any foreign energy company operating in Vietnam.
Rang Dong Floating, Production Storage & Offtake (FPSO)
unit, Rang Dong field, Block 15-2, offshore Vietnam.
Fisheye lens view of oil tanker Rang Dong FPSO unit.
Platform, Sutu Den field, Block 15-1, offshore Vietnam.
2000, Conoco established itself as a major oil producer, with
the Block 15-2 joint venture with Japanĺs and Vietnamĺs
national oil companies. Block 15-2, offshore Vietnam in the
oil-prone Cuu Long Basin, includes the large, producing Rang
Dong field. Since then, Conoco has had several other significant
oil discoveries and added new acreage and assets to its already
continues its close working relationship with the government
toward the development of Vietnamĺs natural gas resources,
commencing with an initiative to capture the associated natural
gas produced by offshore oil fields in the Mekong Delta. The
elimination of gas flaring will have a significant and positive
investment in Vietnam is based on an effective business
relationship with PetroVietnam to develop the countryĺs
abundant natural resources, which ultimately will provide a
reliable source of clean, efficient and affordable energy to
help fuel the countryĺs economic growth,ö added Hwang.
course, Conoco is in Vietnam for the long term, but certainly
this U.S. company is more than hopeful the economy will surge
forward, requiring more energy to propel its development.
ę InternationalReports.net / The Washington Times 1994-2002