Depleting mature fields and lack of new exploration and investment will result in Vietnam’s crude oil production declining by 10 percent every year until 2025, the state-run Vietnam Oil and Gas Group, or PetroVietnam, said on Wednesday. Earlier this year, Vietnam’s government said it expected the country’s oil production in 2018 to decline by 14.7 percent compared to 2017 and to average around 227,130 bpd. Vietnam pumped 320,000 bpd of oil and other liquids in 2016, down by 9 percent from the 2015 production of 350,000 bpd, EIA data shows . Although production has risen in some years, overall production has dropped from a peak of 403,000 bpd in 2004 as output from the large mature oil fields falls. “The rise in recoverable reserves has slowed to an alarming rate, affecting the sustainability of the development of Vietnam’s oil and gas industry,” Reuters quoted PetroVietnam as saying on its […]