CNTT-3 platform in Bach Ho field, one of the Vietsovpetro's oil fields . (Photo: VNA)

Ba Ria – Vung Tau (VNA) – By December 14, the Vietnam-Russia oil and gas exploration joint venture Vietsovpetro has earned over 1.89 billion USD, exceeding its target of 1.88 billion USD set for 2017.

The firm’s sale of oil and gas is expected to generate 1.97 billion USD by the end of this year, 3.5 percent higher than the yearly goal.

The company estimates to pay about 788.7 million USD in taxes.

The Vietnamese side will pocket 146.4 million USD in profit, 3 percent higher than the plan, while the Russia partner is likely to earn 143.1 million USD in profit, 5 percent higher than the plan

The success was partly thanks to the venture’s effort to apply advanced solutions to production and internal services to save costs.

In 2018, the company sets to produce 4 million tonnes of oil and condensate, and generate 1.56 billion USD in revenue and over 115 million USD in profit for Vietnam, and 111 million USD for Russia, contributing 631 million USD to the State budget.-VNA