The Vietnam Oil and Gas Group (PetroVietnam) has major plans to deliver on its pioneering vision in the field of offshore renewable energy, contributing to promoting green and sustainable development in Vietnam in the future.
PetroVietnam is the leading business in mechanical manufacturing and construction of offshore oil and gas works in the country. Being a state-owned enterprise engaged in the field of offshore oil and gas exploration, Petrovietnam not only holds an important role and position in the national economy but is also a pioneer in the energy sector.
Recently, the firm has been approved for surveying and preparing for the development of offshore renewable energy in Vietnam.
With its extensive experience, capability, resources, and existing infrastructure in offshore oil and gas exploration, PetroVietnam's participation in the offshore renewable energy industry will bring significant benefits. PetroVietnam is in a position to help maximise the available resources of domestic units, avoid investment waste, enable service export to international markets, and contribute to safeguarding the national sovereignty at sea.
In late August, within the framework of the conference promoting the implementation of Vietnam-Singapore investment cooperation projects, the PetroVietnam Technical Services Corporation (PTSC) - a subsidiary of PetroVietnam – was approved to conduct the activities of monitoring, investigation, survey, and evaluation of marine resources to prepare for the development of offshore renewable energy projects in Vietnam, and the export of clean electricity to Singapore.
PTSC is currently the only investor in Vietnam licensed based on available resources.
In February in Singapore, PTSC and the Sembcorp Utilities Pte Ltd (Sembcorp) of Singapore signed a joint development agreement (JDA) on collaboration in investing in the development of an offshore wind power project which will export electricity to Singapore. The event demonstrated the confidence of the governments of the two countries in promoting cooperation in renewable energy development.
Deputy General Director of PetroVietnam Phan Tu Giang had a meeting with a delegation from the Hongkong and Shanghai Banking Corporation Limited (HSBC) Vietnam on October 26 in Hanoi, during which he provided preliminary information regarding PetroVietnam's oil and gas exploration activities.
Giang stated that oil and gas domestic and international exploration and exploitation both onshore and offshore, are the core business areas of Petrovietnam to meet the country's increasing energy demand.
Additionally, PetroVietnam is aiming for a net zero emissions goal by 2050, emphasising the role of LNG in the energy transition. The company hopes to promote synchronous LNG use for power projects and the gas/LNG value chain, Giang said.
The company has sought to balance maintaining production and business activities while gradually implementing the energy transition goal.
Offshore renewable energy development is a new industry for many countries in the region, as well as around the world. To implement these projects, in addition to experience and capacity in designing and constructing offshore projects, financial strength is also crucial.
According to General Director of PetroVietnam Le Manh Hung, PetroVietnam, as a key industrial and energy group in the economy, has a definitive role in the trend of energy transition.
Since 2019, PetroVietnam has been developing a plan and a roadmap related to energy transition. PetroVietnam and its subsidiaries, have been meticulously preparing by producing alternative renewable energy sources, especially preparing human resources and infrastructure facilities to meet requirements for implementing offshore renewable energy projects, Hung said.
PetroVietnam has adjusted its strategy until 2030 with a vision to 2045, with the aim of lifting total installed capacity to 8,000 - 14,000 MW.
The proportion of renewable energy is expected to account for 5 - 10% by 2030 and 8 -10% by 2045. Meanwhile, the ratio of renewable energy source is hoped to make up 10 - 20% of PetroVietnam's total power source capacity.
PetroVietnam is now the largest economic group among State-owned enterprises, holding a key position in ensuring energy security and economic growth, and maintaining national security and defence at sea./.