Energy transition in the 21st century: Reflecting on the development direction of the Vietnam oil and gas industry
Abstract
In the energy transition trend, economies must shift towards green development, circular and low-carbon economy. The global oil and gas industry is also reshaping its development strategy in line with the energy transition, reducing emissions, promoting renewable energy, and restructuring its operations towards lower carbon.
The project to restructure the Vietnam Oil and Gas Group (Petrovietnam) until the end of 2025 sets the goal of building and developing Petrovietnam into the leading energy industrial group of the country and in the region, in line with new development trends, the fourth industrial revolution, green transformation, digital transformation, and energy transition. Petrovietnam is envisioned to play a central role in ensuring national energy security… This article analyses the opportunities and challenges of the Vietnam oil and gas industry during the energy transition, proposes solutions of "observing, preparing, and seizing opportunities" in the context of immature technology, insufficient investment, and lack of policies and legal frameworks. The crucial mission for the oil and gas industry is to continue leveraging the traditional role of oil and gas (applying new approaches, more effective methods to familiar objects; researching and identifying new targets; managing risks effectively and adopting advanced technologies) while simultaneously transitioning to renewable energy. The industry aims to pioneer innovation, investment, and support the development of emerging industries such as offshore wind power, green hydrogen/ammonia, CCUS, etc.
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