Vietnam-Russia Oil and Gas Joint Venture (Vietsovpetro) has targeted to tap 6.2 million tons of crude oil and 1.6 million billion cubic meters of natural gas this year, the joint venture's general director Tran Le Dong said.
Last year, the joint venture pumped over 7.7 million tons of crude oil, surpassing 601,000 tons against its 2008's target, and attained US$6.35 billion in gross revenue, fulfilling 193 per cent of the yearly plan.
In the first 11 months of 2008, Vietsovpetro earned US$110 million from its service operations, probed thousands of meters to explore for crude oil and succeeded in putting into place its oil pipelines.
By late November last year, the company 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.
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.
The joint venture has to date produced nearly 174 million tons of crude oil and brought ashore 19 billion cubic meters of natural gas. (Young People)
Vietnamese
