Vietnam imported crude oil to the tune of US$729 million in December, up from US$391 million in November, a change of 86.46 percent, according to preliminary data from Vietnam’s General Department of Customs.
Year to date, Vietnam had imported US$7,743 million worth of crude oil by the end of December.
Kuwait accounted for US$536 million worth of Vietnam’s crude oil imports in December. This was up from US$267 million in crude oil imports in November, a change of 100.84 percent. Year to date, Kuwait has shipped US$6,123 million worth of crude oil to Vietnam.
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Vietnam imports of crude oil in December, US$m
| December | November | MoM | YTD | |
| Total | 729.32 | 391.15 | 86.46% | 7,743.05 |
| Other | 193.69 | 124.45 | 55.64% | 1,111.77 |
| Kuwait | 535.63 | 266.69 | 100.84% | 6,123.07 |
| Brunei Darussalam | 0.00 | 0.00 | 0.00% | 49.97 |
| Nigeria | 0.00 | 0.00 | 0.00% | 458.25 |
Listed crude oil companies
Key crude oil firms listed on the Vietnam stock exchange include:
Binh Son Refining and Petrochemical JSC
Binh Son Refining and Petrochemical JSC (BSR) operates the Dung Quat Refinery and engages in refining crude oil and producing petroleum products.
BSR closed at VND 20,800 on Monday up 0.65 percent with 225,212,000 shares traded, worth VND 464,483 million.
Foreign ownership in BSR is currently capped at 79.1 percent, with current foreign ownership sitting at 2.1 percent.
PetroVietnam Transportation JSC
PetroVietnam Transportation JSC (PVT) operates a fleet transporting crude oil, petroleum, and chemicals across Vietnam and internationally.
PVT closed at VND 20,600 on Monday down 0 percent with 30,246,000 shares traded, worth VND 62,500 million.
Foreign ownership in PVT is currently capped at 49.0 percent, with current foreign ownership sitting at 10.4 percent.
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Vietnam crude oil industry news
New oil well
Murphy Oil Corporation said its subsidiary successfully drilled the Hai Su Vang-2X appraisal well offshore Vietnam, a discovery analysts say could be Southeast Asia’s largest oil find in 20 years.
The well in Block 15-2/17 encountered 429 feet of oil across two reservoirs and tested at 6,000 barrels per day of 37 degree API crude, according to the company.
Analysts Wood Mackenzie said recoverable resources are now estimated toward the upper end of a previously announced 170 to 430 million barrels of oil equivalent range.
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Vietnam’s crude oil industry
Vietnam’s crude oil industry is centred on offshore production in the southern continental shelf, with output primarily serving export markets and domestic refining needs in Vietnam.
Production has gradually declined as mature fields age, prompting a policy focus on enhanced recovery, new exploration and maximising value through downstream processing.