Cuu Long JOC oil production likely to hit 400 million barrels this year

Illustrative image (Source: VNA)

Hanoi (VNA) – Oil exploitation in Block 15.1 by Cuu Long Joint Operating Company (Cuu Long JOC) is likely to reach a new milestone of 400 million barrels in December, the firm has announced.

Cuu Long JOC - comprising PetroVietnam, ConocoPhillips, KNOC, SK Corporation, and Geopetrol - is the second-biggest oil producer in Vietnam that was established in 1998.

According to Cuu Long JOC Director Nguyen Van Que, as of 2011, the firm had paid 11.9 billion USD to the State budget, and posted a revenue of 27.3 billion USD.

In the first seven months of this year, the company installed underground pumps and successfully drilled two more wells. Therefore, the firm expects to pay 864 million USD to the State budget this year, he said.

According to Que, Cuu Long JOC's investment in oil and gas exploration and production from 2003 to the end of 2022 will reach about 7.75 billion USD.

By June 2016, Cuu Long JOC had reached an output milestone of 300 million barrels of oil exploited at the Su Tu (Lion) field cluster and officially became the second oil and gas contractor in Vietnam to achieve this output.

In 2022, the firm’s estimated oil-equivalent production is expected to reach 25.25 million barrels, earning 1.44 billion USD and paying 863 million USD to the State budget./.

VNA