16:27 | 18/12/2016 Petroleum
The Vietnam-Russia joint venture Vietsovpetro expects to tap 5.04 million tonnes of crude oil as targeted this year, heard the 47th meeting of Vietsovpetro’s Council recently held in the southern province of Ba Ria – Vung Tau.
|Illustrative image (Source: VNA)|
Vietsovpetro has achieved a majority of goals and set a new record of 2,547m/month/machine in commercial drill speed, just above the target, said General Director Tu Thanh Nghia.
For the whole year, the joint venture plans to drill 91,400m, complete the construction of 28 wells and repair 18 drilling wells.
It will also bring ashore more than 1.6 billion cu.m of gas, or 127 percent of the target.
Since it began operation in 1981, Vietsovpetro has tapped over 223 million tonnes of crude oil and supplied more than 30.8 billion cu.m of gas.
At the meeting, participants adopted production and trading plans for next year and tasks for 2017-2021.