Business

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

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 oil production likely to hit 400 million barrels this year ảnh 1Illustrative image (Source: VNA)
Hanoi (VNA) – Oil exploitation in Block 15.1 by CuuLong Joint Operating Company (Cuu Long JOC)is likely to reach a new milestone of 400 million barrels in December, the firmhas announced.

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

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

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

According to Que, Cuu Long JOC's investment in oil and gas exploration andproduction 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 millionbarrels of oil exploited at the Su Tu (Lion) field cluster and officiallybecame the second oil and gas contractor in Vietnam to achieve this output.

In 2022, the firm’s estimated oil-equivalent production is expected to reach25.25 million barrels, earning 1.44 billion USD and paying 863 million USD tothe State budget./.
VNA
#Cuu Long JOC #PetroVietnam #Cuu Long JOC Director Nguyen Van Que #Vietnam #Vietnam news #Vietnam News Agency
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