Unprecedented opportunity for oil giants in offshore wind power
Unprecedented opportunity for oil giants in offshore wind power
Domestic oil giants are currently well-positioned to pursue opportunities in offshore wind power, said insiders.
The construction site for offshore wind turbine foundations at PTSC port. — Photo courtesy of PetroVietnam |
The oil and gas sector and offshore wind power industry are closely related, especially in surveying, project development, operation and maintenance.
They require support services like fabrication yards, ports and maintenance facilities, and both involve offshore resource extraction, tied to security and economic zones.
For substantial development in the offshore wind power industry, multinational oil and gas corporations play a vital role.
The International Energy Agency (IEA) said that the oil and gas sector's experience in executing offshore projects contributes significantly to sharing supply chains and technology.
The involvement of oil and gas corporations is crucial in expediting the transformation of the offshore wind power sector into a major industry.
Chairman of the Việt Nam Petroleum Association, Nguyễn Quốc Thập, said that expertise in exploration, extraction, design, offshore construction, infrastructure, human resources, meteorology, hydrology, geology, marine chemistry and other relevant fields provides optimal conditions for oil and gas enterprises to participate in offshore petroleum activities.
This helps maximise investments, minimise national resource wastage, boost efficiency, and reduce production costs, he said.
In Việt Nam, only major players like Petrovietnam and Vietnam Electricity (EVN) are equipped to lead in offshore wind power projects, said energy expert Dr. Ngô Đức Lâm.
PetroVietnam, a state-owned powerhouse, excels in offshore oil and gas, boasting tech and financial prowess and a unique edge. It is the go-to company for offshore projects, handling everything from data investigation, international relations to security and defence.
As a key economic group, PetroVietnam ensures energy, economic and food security while spearheading green energy ventures and offshore wind power advancements since 2019.
Petrovietnam is maximising its strengths to actively engage in the supply chain and drive the development of offshore wind power projects in Việt Nam. — Photo courtesy of PetroVietnam |
New development avenue for PetroVietnam
Petrovietnam, a key player in the country’s oil and gas industry, stands out in the offshore wind industry.
With a workforce of 60,000 skilled employees, advanced infrastructure, and unique geological data, PetroVietnam excels in managing investments, acting as a principal contractor for engineering procurement and construction, and offering high-quality technical services for offshore projects.
The company possesses the expertise to conduct seabed and geophysical surveys crucial for oil and gas operations and offshore project feasibility studies.
Additionally, Petrovietnam's well-trained design team uses licensed software to handle all design phases, ensuring efficient project execution.
In operations and maintenance, its nearly 40 years of experience and robust infrastructure enable them to efficiently manage offshore wind power projects, including operating large-scale manufacturing ports and diverse fleets of service vessels.
Its strong financial capabilities and extensive collaborations in the energy sector also position the company to leverage advanced offshore wind knowledge and technology on a global scale.
Recently, Petrovietnam entities like Vietsovpetro and Petrovietnam Technical Services Corporation (PTSC) have partnered with global renewable energy investors to explore clean energy projects in Việt Nam.
These collaborations involve agreements such as memoranda of understanding and service contracts, reflecting Petrovietnam's commitment to developing renewable energy sources in the country.
To gear up for the offshore renewable energy competition, Petrovietnam is actively constructing a domestic supply chain involving key units like PTSC, Vietsovpetro, VPI, PetroVietnam Engineering Consultancy JSC (PVE), PETROSETCO, PV Drilling (PVD), PVC-MS, and PV Shipyard.
These units are tasked with establishing a value chain complex for renewable energy projects, leveraging their expertise, experience and infrastructure to explore offshore renewable energy opportunities domestically and internationally.
Conclusion No. 76-KL/TW has ushered in a transformative phase for Petrovietnam, guiding the company towards a dual focus on both conventional oil and gas sectors and cutting-edge developments in renewable energy, said Dr. Nguyễn Đức Hiển, Deputy Head of the Party Central Committee's Economic Commission.
This strategic evolution positions Petrovietnam to emerge as a key player in the national industrial and energy landscape. It entails ventures into offshore and coastal wind power, advancements in hydrogen and ammonia technologies, integration into LNG (liquefied natural gas) supply chains, and a pivotal role in manufacturing energy equipment, particularly for renewables.
Việt Nam’s extensive coastline and vast sea area offer unparalleled potential for offshore renewable energy development, estimated at 599 GW, presenting a significant opportunity for economic, social and environmental progress.
By capitalising on these resources, the country can target sustainable growth, bolster energy security, fortify national defence, uphold maritime sovereignty, and transition towards net zero emissions by 2050.
Conclusion No. 76-KL/TW lay a solid foundation for Petrovietnam to proactively craft strategies and industry blueprints, propelling Việt Nam towards early technological leadership, fostering a comprehensive supply chain for global competitiveness, and encouraging substantial growth in the realm of clean energy.
