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News // Oil and gas worldwide

Russian-Vietnamese Vietsovpetro taps 230 million tonnes of oil

07 September 2018 , 14:05Neftegaz.RU588

Hanoi, September 7 - Neftegaz.RU. The Vietnamese-Russian Oil & Gas Joint Venture Vietsovpetro has pumped up more than 230 million tonnes of crude oil and provided 34 billion m3 of associated gas since its exploitation of the 1st tonnes of the resource in Vietnam in June 1986. The information was revealed during a symposium held in Vietnam on September 6, with the participation of 250 scientists and experts from Vietnam and Russia.

 

The event was to mark the 30th anniversary of the 1st flow of oil discovered from the basement on the continental shelf in Bach Ho field (September 6, 1988), which is a milestone for Vietnam’s oil & gas sector. The discovery has drawn foreign oil and gas companies’ massive investment in Vietnam, which plays a significant role in the sector’s growth.

 

Reports delivered at the symposium focused on current issues in oil & gas exploration. They serve as an important foundation for Vietsovpetro and Vietnam’s oil & gas sector in the search for new oil deposits. The company earned nearly $78 billion in revenue and sent $48 million to the Vietnam’s budget in the period, greatly contributing to the country’s economic development, energy security and affirmation of sovereignty in the sea.

 

In 2017, Vietsovpetro exploited over 4.73 million tonnes of oil & condensate and 234 million m3 of natural gas, or 95 % and 124 % of the yearly plan, respectively. It pocketed $1.97 billion in revenue, 3.5 % higher than the yearly goal.

 

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