Developing vietnam's oil and gas industry in association with energy and economic security in the international integration period

Abstract

Oil and gas is a non-renewable resource that plays an important role in the economy. It is forecasted that by the middle of the twenty-first century, oil and gas still holds the leading position in primary energy balance in many countries. The world energy consumption in 2020 was over 4.1 billion tons of oil and 3,853 billion m3 of gas [1]. During 60 years of construction and development, Vietnam's oil and gas industry has made important contributions to the economy, especially helping the country overcome the energy crisis and budget deficit in the 1990s. By the end of 2020, the total production amounted to over 424 million tons of oil and condensate, and over 160 billion m3 of gas; at one time even contributing nearly 30% of the State budget and 22 - 25% of the GDP. Especially, the formation of important coastal petroleum industrial zones and oil and gas projects on the continental shelf have contributed to ensuring national sovereignty and national security. The demand for oil and gas in the energy balance increases rapidly with the speed of socio-economic development. It is forecasted that in the near future, Vietnam will no longer be self-sufficient in supply and must import completely to meet the country's energy demand. In parallel with proactively implementing urgent technical and technological solutions, Vietnam's oil and gas industry needs mechanisms to increase reserves and maintain oil and gas output, as well as prepare the next steps for transition to energy forms with low greenhouse gas emissions and renewable energy.