Vietsovpetro Discovers New Oil Reserve
The Vietnam - Russia Oil and Gas Joint Venture Enterprise (Vietsovpetro) on April 7 discovered the first oil stream at well 15 of the Central Rong Structure offshore southern Ba Ria-Vung Tau province, said Vietsovpetro General Director Tran Le Dong.
The oil flow, which was found at the depth of between 2,552 meters and 2,710 meters of a test drilling, was measured to have a daily crude oil reserve of 850 cubic meters (5,346 barrels a day) with good quality, Dong said.
In the 2001-2005, Vietsovpetro located in southern Ba Ria-Vung Tau province exploited 62 million tons of crude oil and 10 billion cubic meters of gas.
In the same period, the enterprise gained an over US$15.6 billion revenue from selling crude oil tapped from the Bach Ho (White Tiger) and Rong (Dragon) fields.
Established in 1981, Vietsovpetro has contributed more than $10 billion to the State budget since it pumped the first ton of crude oil in 1986.
In 2006-2010, the Vietnam-Russian venture plans to produce 37-40 million metric tons of crude and 6.5 billion cubic meters of associated gas, including expectations of 9.6 million tons of crude and 1.2 billion cubic meters of gas in 2006.
Capital Security
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