Vietnam A Frontier For Oil And Gas Exploration

Investopedia ^ | 11-6-09 | Eric Fox

[STONEWALLS]

Tickers in this Article: BP, TLM, COP, CVX, PXP The hunt for oil and gas resources is taking the exploration and production industry to all parts of the globe, as higher-risk exploration is needed to satisfy world demand for these resources. This need for newly discovered resources may become acute as the emerging economies industrialize and bring higher living standards to their citizens. IN PICTURES: How To Make Your First $1 Million

Get Free Stock Analysis By Email Exploration In Vietnam Vietnam currently only has 4.7 billion barrels of proved oil reserves, and it had 19.7 trillion cubic feet of gas at the end of 2008. Production is also fairly low at 317,000 barrels of oil per day. This is sure to move higher fairly quickly due to the pace of exploration in Vietnam.

[STONEWALLS]

This article took me back to '68...back then, one of the most cherished myths of the anti-war Left was that the "real" reason for the conflict was that Gulf Oil Co wanted to drill over there...if the country went Commie they reasoned, Gulf couldn't rip off their oil and gas.....well the country did go Commie, but it looks like they still need western oil company know-how to get it out of the ground and process it.

[Army Air Corps]

Ping

[onedoug]

East Sea ping

[ThanhPhero]

China is very interested and has already moved in on the Paracels and chased the Vietnamese away. With the advemt of President Obama Viet Nam seems to have lost the implied protection of the US and is trying to make nice to China. I expect China will take full advantage of the situation and windup with all or almost all of the offshore oil and gas.

[Thunder90]

I expect Vietnam to make deals with China for the oil.

[Thunder90]

The rights to the Spartleys will probably be sold by Vietnam to China in a Russian brokered deal.