Vietsovpetro cuts oil production cost by over 24 percent hinh anh 1An oil field of Vietsovpetro (Source :VNA)
Ba Ria-Vung Tau (VNA) – Vietsovpetro, a Vietnam-Russia oil and gas joint venture, cut its production cost of each oil barrel by 24.3 percent (7.6 USD) to 23.7 USD in 2015.

The figure was announced at a conference to review the firm’s performance this year held in the southern province of Ba Ria-Vung Tau on December 29.

Vietsovpetro expected to exploit 5.2 million tonnes of crude oil and bring ashore more than 1.4 billion cubic metres of gas in 2015, about 2 percent and 23.4 percent higher than the yearly targets, respectively.

Its revenue is estimated at 2.19 billion USD, of which 998.4 million USD will be contributed to the State budget.

The 45 th meeting of Vietsovpetro’s Council earlier this month set a goal for the company to exploit 5 million tonnes of crude oil and bring ashore 1.3 billion cubic metres of gas in 2016.

With an expected oil price of 55 USD per barrel, Vietsovpetro plans to earn about 2.1 billion USD in revenue and contribute roughly half of which or 950 million USD to the State budget.-VNA