Vietsovpetro Early Fulfills This Year’s Production Target of 7.1 Mln Tons

The Vietnam-Russia Oil and Gas Joint Venture (Vietsovpetro) has fulfilled the year’s target of producing 7.1 million tons of crude oil, the state-owned oil monopoly PetroVietnam group said on December 2.

 

The JV will strive to tap an additional 600,000 tons of crude oil during the remaining days of this year, raising its total production output to 7.7 million tons of crude oil for 2008, general director Tran Le Dong said.

 

By late November this year, Vietsovpetro made revenue of over US$6 billion from crude oil export, 82.6 per cent higher than its year's target, and its combined contribution to state budget and profit for the Vietnamese side stood at over US$4 billion, up 103.6 per cent against the target.

 

Meanwhile, profit for the Russian side valued at US$918 million, said PetroVietnam.

 

Vietsovpetro is now producing oil and natural gas at oilfields offshore of the East Sea such as Bach Ho (White Tiger), Mo Rong (Dragon) and Gau Lon (Big Bear).

 

It is currently accelerating negotiations to sign contracts for four oil and gas blocks in Neneski Autonomous Region of Russia within this year while speeding up projects at other blocks in Russian, former SNG countries and third countries.

 

The JV is also speeding up preparations to become a two-member limited company after 2010 in accordance with an agreement reached between two governments of Vietnam and Russia. (Young People, The People)