State oil firm PetroVietnam is seriously considering entering the renewable energy space with 100 MW by 2025 and 900 MW by 2035 with the help of renewable sources such as wind farms and floating solar panels.
Previously known as Vietnam Oil and Gas Group, PetroVietnam told Reuters that it is inevitable to develop a renewable energy business in times fossil fuels are shrinking.
It may initially venture into floating solar panels at its hydropower dams and get rooftop solar panels for its existing coal-fired plants, later adding solar, wind and waste-to-power plants through local and global investors.
Domestic crude oil production has peaked at most of its offshore oil fields, said the PetroVietnam management in an email to Reuters.
Recently, the management acknowledged and pointed out the difficulties and financial losses many oil and gas companies and groups across the world have faced during first 5 months of 2020 due to a ‘serious drop’ in oil prices and the COVID-19 pandemic. It also said that while demand for crude oil and petroleum products is expected to increase in the near future, the road ahead is not free of difficulties.