Vietnam’s oil and gas industry faces a significant decline as production has dropped nearly 50% over 14 years, from 17.3 million tons in 2010 to 8.5 million tons in 2024. Nevertheless, experts forecast a new investment cycle amounting to $25.7 billion from 2025 to 2030 to restore production levels. The government has issued several resolutions to improve the legal framework and stimulate investment in large-scale oil projects like Block B – O Mon and White Tuna. Meanwhile, the political event in Venezuela has not caused much instability in the oil market amid global oversupply.
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