Latest news with #Petrovietnam
Al Arabiya
a day ago
- Business
- Al Arabiya
Vietnam aims to sign nuclear power plant deal with Russia in August
Vietnam's government said on Tuesday it aims to sign an agreement with its Russian counterpart in August to build the Southeast Asian country's first nuclear power plant. Site clearance for development of the plant in Ninh Thuan province is to be completed by the end of this year, the government said in a statement. The move follows Vietnam's restart of plans to develop nuclear power plants that were suspended nearly a decade ago, as part of its efforts to ramp up its power generation capacity to support its fast-growing economy. The government has previously said it expected the first nuclear power plants with a combined capacity of up to 6.4 gigawatts to be online between 2030 and 2035. The government said on Tuesday it has told the finance ministry, central bank, state energy firm Petrovietnam and utility firm EVN to work with related parties on loans for the project.
Arab News
a day ago
- Business
- Arab News
Vietnam aims to sign nuclear power plant deal with Russia in August
HANOI: Vietnam's government said on Tuesday it aims to sign an agreement with its Russian counterpart in August to build the Southeast Asian country's first nuclear power plant. Site clearance for development of the plant in Ninh Thuan province is to be completed by the end of this year, the government said in a statement. The move follows Vietnam's restart of plans to develop nuclear power plants that were suspended nearly a decade ago, as part of its efforts to ramp up its power generation capacity to support its fast-growing economy. The government has previously said it expected the first nuclear power plants with a combined capacity of up to 6.4 gigawatts to be online between 2030 and 2035. The government said on Tuesday it has told the finance ministry, central bank, state energy firm Petrovietnam and utility firm EVN to work with related parties on loans for the project.
Yahoo
2 days ago
- Business
- Yahoo
Petrovietnam and partners sign PSC for Block 15-1 oil and gas block
Petrovietnam, along with its joint venture partners, has officially signed a product sharing contract (PSC) for Block 15-1 on the Southern Continental Shelf of Vietnam. This move is pivotal in reinforcing Petrovietnam's commitment to further oil and gas exploration and exploitation, which is crucial for the stability of the nation's energy resources. Block 15-1 is considered a block of special strategic importance to Petrovietnam and the Oil and Gas Exploration and Production Corporation (PVEP). Initially, the block was operated by a consortium of five international and domestic partners. Following changes, Perenco has now assumed the operational role previously held by ConocoPhillips. The joint venture operates through Cuu Long Joint Operating Company (Cuu Long JOC), and is one of the few large-scale collaborations within the Vietnamese oil and gas sector. In the updated PSC, PVEP has increased its stake to 59%, with Perenco, KNOC, SK and Geopetrol holding 19.8%, 11.4%, 7.2% and 2.6%, respectively. Since its inception, Block 15-1 has been a significant contributor to Vietnam's oil and gas output, demonstrating high economic efficiency. It has been a cornerstone of the country's production for many years. The block, located in the Cuu Long basin, encompasses several active oil and gas fields. The Black Lion field, discovered in 2003, quickly became a focal point for offshore production in Vietnam, boasting estimated oil reserves of around 600 million barrels (mbbl). This figure is second only to the reserves of the White Tiger field. By 2024, the project was expected to produce more than 426mbbl of oil and more than 216 billion cubic feet of gas, generating revenues exceeding $31bn (VND812.57trn), with more than $15bn contributed to the State budget. Last month, PetroVietnam announced the commencement of the first commercial oil flow from the Đại Hùng oilfield phase three project. "Petrovietnam and partners sign PSC for Block 15-1 oil and gas block" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
09-06-2025
- Business
- Yahoo
EPC contract signed for O Mon 4 thermal power plant in Vietnam
The Vietnam National Industry-Energy Group (Petrovietnam) has signed an engineering procurement and construction (EPC) contract with a consortium of South Korea's Doosan Enerbility Co and Vietnam's Power Engineering Consulting Joint Stock Company 2 for the O Mon 4 thermal power plan in Vietnam. The initiative is a critical phase in the Block B – O Mon gas-to-power project, which aims to bolster Vietnam's energy security and support its clean energy transition. Situated in Can Tho city within the Mekong Delta, the O Mon 4 plant will play a pivotal role in the nation's strategic energy planning. Utilising advanced combined cycle gas turbine (CCGT) technology, the plant will have a designed capacity of 1,155MW. It is scheduled to become operational by December 2028. The completion of O Mon 4 will boost Petrovietnam's total installed capacity to above 93,000MW - around 10% of Vietnam's overall power capacity. The Block B – O Mon project encompasses offshore gas extraction at Block B, a gas pipeline, and a thermal power complex. O Mon 4 is a crucial downstream component of this integrated endeavour, which has experienced almost two decades of delays. In 2023, the Prime Minister entrusted Petrovietnam with the responsibility of overseeing the O Mon 3 and O Mon 4 thermal power plants, ensuring the alignment of downstream infrastructure construction with upstream gas supply. In line with the country's amended national power plan, Vietnam is set to augment its power generation capacity by 2030, with an emphasis on renewable energy and a reintroduction of nuclear power. The plan involves an investment of $136.3bn, more than a quarter of Vietnam's projected 2024 GDP, targeting a reduction in coal dependency, which currently dominates the country's energy mix. "EPC contract signed for O Mon 4 thermal power plant in Vietnam" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
09-06-2025
- Business
- Yahoo
Petrovietnam signs EPC contract for power plant
Vietnam's state energy group Petrovietnam has signed an engineering, procurement and construction (EPC) contract for the O Mon 4 thermal power plant, advancing development of the flagship Block B-O Mon gas-to-power project. The contract was awarded to a joint venture between South Korea's Doosan Enerbility and Vietnam's Power Engineering Consulting Joint Stock Company 2. Situated in Can Tho in the Mekong Delta, O Mon 4 is considered a strategic project for strengthening Vietnam's energy security and supporting its shift towards cleaner energy sources. In 2023, the country's prime minister tasked Petrovietnam to lead the O Mon 3 and O Mon 4 thermal power plants, enabling synchronised progress across downstream power generation and upstream gas supply infrastructure. The broader Block B-O Mon project encompasses offshore gas extraction at Block B, a gas pipeline, and a thermal power complex, whereas O Mon 4 serves as a downstream component. Development has faced repeated delays for nearly two decades. The O Mon 4 Thermal Power Plant will bring Petrovietnam's total installed capacity to over 9,300MW, accounting for around 10% of the country's total power capacity. The plant will use combined cycle gas turbine (CCGT) technology with a designed capacity of 1,155MW and is expected to commence operations in December 2028. It is expected to supply stable and cleaner electricity to the country's national grid and support economic development. "Petrovietnam signs EPC contract for power plant" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
