Addressing a meeting held on Thursday to release a World Bank report titled Viet Nam Gas Sector Development Framework, Deputy Minister Industry and Trade Hoang Quoc Vuong said
Addressing a meeting held on Thursday to release a World Bank report titled Viet Nam Gas Sector Development Framework, Deputy Minister Industry and Trade Hoang Quoc Vuong said
Potentially, it has an additional 700 billion tonnes yet to be recognised as reserves, he added.Vuong said so far the country has exploited some 90 billion tonnes to fuel power generation, fertiliser production and other industrial sectors.
The World Bank report says that the natural gas sector is set to triple in size over the next 15 years and presents a vision of the infrastructure and institutions needed to overcome the challenges and realise these objectives.
The gas sector is facing multiple challenges, including greater demand for gas and a potential gas shortage, which may become worse if a few key decisions for change are not made soon, the report says.
"Development of the natural gas sector is a key component of
"
The report recommends that from now until 2025,
It stresses that
It also suggests that the Ministry of Industry and Trade sets up an advisory unit on gas policy development, adjusting PetroVietnam's role and establishing a modern regulatory structure.
According to the report,
Gas now meets over 15 per cent of the country's primary energy demand and 88 per cent of the gas is currently consumed by the power sector. Gas-fired generation accounts for 40 per cent of total electricity supply.