An oil rig of the Bien Dong POC (Photo: Bien Dong POC)

Hanoi (VNA) – The exchange value of gas and condensate of the Bien Dong 1 project carried by the Bien Dong Petroleum Operating Company (Bien Dong POC) hit 511 million USD in 2017, a rise of eight percent compared to the yearly plan.

The Bien Dong 1 project has been operated for five years.

The Bien Dong POC has finished a report updating the Hai Thach – Moc Tinh oilfield reserve and submitted a plan to clean up the oilfield to the Vietnam Oil and Gas Group (PVN) and Gazprom EP International B.V (GPEPI), which received an approval from the Ministry of Industry and Trade in November, 2017.

It has also finished a feasible study for the future drilling of the Kim Cuong Bac oilfield as well as the budget plan and budget spending monitoring programme in 2017.

PVN Deputy Director General Nguyen Quoc Thap said the Bien Dong POC obtained high workplace safety rate in the harsh working environment.

The PVN and GPEPI have created favourable conditions for the company’s operation, ensuring sustainable development and creating jobs for workers, he added.-VNA