Southeast Asian NOCs Adapt to Lower Oil Prices

In contrast to the other regional NOCs, PetroVietnam has taken a different route in its response to low oil price. Last month, the company revealed that it was considering a reduction or a stoppage in production at four of its oil fields where production costs hover around $60 a barrel – more than the prevailing oil prices.

“Once the oil price dips to $60 a barrel, we will cut production at these four fields … production at fields with big expenses should be cut to keep the natural resources,” PetroVietnam Chairman Nguyen Xuan Son said, as cited in Vietnam’s Toui Tre News Dec. 31.


View Full Article


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Most Popular Articles