Vietnam to see lower crude oil output in 2021-2030
(Reuters) - Vietnam is expected to see a decline in its annual crude oil and coal output during the rest of this decade, the Ministry of Industry and Trade said on Friday.
The Southeast Asian country is targeting annual crude oil output of 6.0-9.5 million tons during the 2021-2030 period, the ministry said in a statement, down from an annual average of 10.17 million tons in the past five years.
In recent years, Vietnam has struggled to raise its crude oil output, largely due to shrinking reserves at its major oil fields, while maritime disputes in the South China Sea have affected its offshore exploration and production activities.
The regional manufacturing hub also targets annual coal output of between 41-47 million tons during the same period, the ministry said, where in the past five years it averaged an annual 46.85 million tons.
The targets are part of the country's recently approved energy development plan, which was designed to support an average annual economic growth of 7% in this decade, the ministry said.
The plan is also to ensure Vietnam will meet its goal of carbon neutrality by 2050, it added.
It said the annual crude oil output would be 7.0-9.0 million tons during the 2031-2050 period, while the annual coal output would be cut down to 39 million tons by 2045 and to 33 million tons by 2050.
Vietnam in May approved a long-awaited power plan for this decade, in a move meant to boost wind energy and gas, while reducing reliance on coal.