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PETROLEUM ECONOMICS
Chapter 8
Content
4. PVN Restructuring
Hoang Hung, PhD
Petroleum Economics
1959
1961
27/11/1961
Petroleum Economics
Petroleum Economics
Vietsovpetro JV established
19/06/1981
6/11/1984
26/6/1986
6/1990
Petroleum Economics
1993
1993
2001
Hoang Hung, PhD
Petroleum Economics
8/2006
Petroleum Economics
Board of Directors
Inspection Committee
Office
Dept. of Planning
Dept. of Construction
Dept. of Inspection
Dept. of Exploration
Dept. of Production
Dept. of HSE
Dept. of Gas
Dept. of Electricity
Petroleum Economics
PVN
Parent Company
(Holding Company)
Subsidiaries
Collaboration Companies
Research and training
Institutions
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PETROVIETNAM
PVEP
BSR
PVCFC
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PVN
1. PV Oil
2. PV Power
3. PV Drilling
4. PTSC
5. PV Trans
6. PVFC
7. PVI
8. Petrosetco
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PVN
9. PVC
10. PVFCCo
11. DMC
12. PVTex
13. PVEIC
14. PVE
15. PVGas
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Petroleum Economics
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Collaboration Companies
PVN
1. Vietsovpetro (VSP)
2. Rusvietpetro
3. Nghi Sn (NSRP)
4. Ocean Bank
5. ng Dng Xanh Development Company
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PVN
1. VPI
2. PVU
3. PVMTC
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Basin
Total
Discovery
Reserve
Recovery
To
be taken
into Production
To be taken
into
Production if
Production
Pending
Reserve Recovery
Total
(Source: PVN)
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Petroleum Economics
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Reserve VS Recovery
MCME
Reserve
Recovery
To be taken into
Production
To be taken into
Production If
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Production
Pending
18
. Discovered
MCME
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3.1. E&P
3.2. Oil Refinery
3.3. Gas Processing Industry
3.4. Gas Electricity Industry
3.5. High quality O&G Service
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Petroleum Economics
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3.1. E&P
Of which:
60 ongoing
contracts
So far, 90
Among 60
contracts signed
ongoing
between PVN
contracts:
and various
47 PSC;
international
10 JOC
partners
1 BCC
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Sng Hng
12
Ph Khnh:
Nam Cn Sn:
18
Cu Long:
14
Ma Lai - Th Chu:
Hoang Hung, PhD
Petroleum Economics
8
22
Fields in production
ng Quan D
D14
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Ci Nc,
Sng c,
PM-3CAA
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Fields in Preparation
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6. Mng Cu
7. Gu Cha
8. Gu Nga
9. C Ch
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Formations discovered
Sng Hng Basin
1. Yn T,
2. Bo Vng,
3. Bo en,
4. Bo Trng,
5. Bch Long,
6. Hng Long,
7. Hong Long,
8. Hc Long,
9. a Long,
10. C Voi Xanh
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C Mp Trng
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(b Nam
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Bc Kim Long
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Overseas
Projects
11 Exploration
Projects
8 Production
Projects
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Reserve
Growth
Production
2011-2015: 38
44 MTOE/Year
2016-2025: 36
48 MTOE/Year
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Plant under
Construction
BSR
Capacity: 6.5 mt Crude
Oil/Year
NSR
Capacity: 10 mt
Crude Oil/Year
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(Cont.)
Projects in Plan
Upgrade and expansion of BSR to 9.5
mt/year to be completed in 2018-2020.
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(Cont.)
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(Cont.)
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(Cont.)
3.2.3. Biofuels
Plant under
Construction
Plants in Operation
Ethanol Binh Phuoc; Capacity
100 million L/Year.
Operational from 2012.
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4. Transportation
5. Household Consumption
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3.4. Electricity
Capacity
(MW)
Operation
kick-off
750
3/2008
750
12/2008
450
8/2009
750
10/2011
5) Nm Ct Hydropower Plant
3.2
5/2012
8/2012
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Capacity
(MW)
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Operation
Kick-off
1,200
1,200
1,200
1,200
Dec.2014
2015
2016
2018
1,200
180
125
2019
?
?
51
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Share in
Domestic Market
(%)
Share in
Total turnover
(%)
2015
50-55
30-35
2020
55-60
35-40
2025
65-70
40-50
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Why Restructuring
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2006 - 2010
26,3
42
60
Rate of Development
Investment Debt (%) to GDP
25
135
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Reason 4:
Inappropriate legal
Environment
eliminates Role of
State in Inspection
and Control of
SOEs
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Reason 5:
Position and
capability of SOEs
in Relationship
with other
economic sectors
showed various
uneasy signs
Hoang Hung, PhD
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Overall Reason:
Nhng yu km ni
ti ca nn kinh t vi
m hnh tng trng
v c cu kinh t lc
hu, km hiu qu,
tch t ko di t lu
(Pht biu ca Tng b th
Nguyn Ph Trng ti phin b
mc Hi ngh Trung ng 3
Kha XI)
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Restructuring Options
1) public offering
2) internal restructuring
Incorporation/ M&E,
Spinning Off,
Introducing new investors,
Debt-equity swaps;
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One of many:
VPI
PVU
VPA
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End of Chapter 8
Thanks for Attention !
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