Vietnam Q2 crude exports may fall 9.3% from Q1

06-Apr-2009 Intellasia | Reuters | 7:01 AM Print This Post

State oil group PetroVietnam said on Friday it expected Vietnam’s crude oil exports in the second quarter ending June to fall 9.3 percent from the first quarter to 3.9 million tonnes, or 314,400 barrels per day .

The country’s crude oil output in the April to June period could fall 8.8 percent from the first quarter to 4.03 million tonnes, or 324,600 bpd, PetroVietnam said in a statement sent to Reuters.

The Hanoi-based group has forecast average oil output this year would rise 5 percent from 2008 to about 341,400 bpd thanks to new oilfields.

Natural gas output, which comes together with crude oil flows, would ease to 2 billion cubic metres in the second quarter from 2.01 billion cbm pumped in the first quarter, the unlisted oil group said.

It said the $3 billion, 140,000 bpd Dung Quat oil refinery, Vietnam’s first such plant, would increase oil product output to 66,000 tonnes in the second quarter from just 2,440 tonnes in the first quarter. It became operational in late February.

PetroVietnam would supply 80,000 tonnes of crude oil to the refinery over the next three months.

It said the fall in world oil prices to an average $45 per barrel in the first quarter from $100 a barrel in the same period last year had resulted in Vietnam’s crude oil export revenue dropping 47 percent to $1.45 billion.

PetroVietnam’s revenue in the first quarter had therefore fallen 20 percent from a year earlier to 52.2 trillion dong , the group said in the statement.

It has projected revenue in the second quarter would rise slightly to $2.98 billion, of which $1.46 billion would come from crude oil exports.

The group’s projection suggested the average export price would rise to $51 per barrel in the second quarter from $45 per barrel in the first quarter.

Crude oil exports are one of Vietnam’s main foreign exchange earners along with textiles and footwear.

In February the government ordered PetroVietnam to produce 16 million tonnes of crude oil this year, up 7.7 percent from 2008.


Category: ResourceAsia

Print This Post

Comments are closed.