Vietsovpetro taps 230 million tonnes of oil

11:30 | 22/09/2018 Industry

The Vietnam-Russia Oil and Gas Joint Venture Vietsovpetro has pumped up more than 230 million tonnes of crude oil and provided 34 billion cubic meters of associated gas since its exploitation of the first tonnes of the resource in Vietnam in June 1986.

At the symposium - Photo: VNA

It earned nearly US$78 billion in revenue and sent US$48 million to the State’s budget in the period, greatly contributing to the country’s economic development, energy security and affirmation of sovereignty in the sea.

The information was revealed during a symposium held in the southern province of Ba Ria-Vung Tau 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 first 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 and 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.

Vietsovpetro’s development has also fostered growth of other industries, including gas, electricity and refinery, among others.

Reports delivered at the symposium focused on current issues in oil and gas exploration. They serve as an important foundation for Vietsovpetro and Vietnam’s oil and gas sector in the search for new oil deposits, said a leading official of the Vietnam Oil and Gas Group.

In 2017, Vietsovpetro 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.

Theo VNA