Vietsovpetro eyes 4 million tonnes of oil in 2018

13:20 | 13/01/2018 Energy

The Vietnam-Russia Oil and Gas Joint Venture Vietsovpetro has set targets for 2018 of pumping 4 million tonnes of oil and condensate and 126.5 million cubic meters of natural gas. 

A drill man at work - Photo: Vietsovpetro

Vietsovpetro General Director Tu Thanh Nghia announced the goals at a conference reviewing operation in 2017 held on December 28.

The joint venture set plan to generate US$1.55 billion in revenue, and profit for the Vietnamese side is expected at US$115 million and that for Russia is nearly US$111 million.

In 2017, the company exploited over 4.73 million tonnes of oil and condensate and 234 million cubic meters of natural gas, or 95 percent and 124 percent of the yearly plan, respectively. It pocketed US$1.97 billion in revenue, 3.5 percent higher than the yearly goal.

The success was partly thanks to the venture’s efforts to apply advanced solutions and internal services to save costs.

Theo VNA