The Vietnam-Russia Oil and Gas Joint Venture Vietsovpetro has set targets for 2018 of pumping 4 million tonnes of oil and condensate.
(Photo: VNA)

Ba Ria-Vung Tau (VNA) – The Vietnam-Russia Oil and Gas Joint Venture Vietsovpetro has set targets for 2018 of pumping 4 million tonnes of oil and condensate and 126.5 million cubic metres of natural gas.

Vietsovpetro General Director Tu Thanh Nghia announced the goals at a conference reviewing operation in 2017 held on December 28.

The joint venture set plan to generate 1.55 billion USD in revenue, and profit for the Vietnamese side is expected at 115 million USD and that for Russia is nearly 111 million USD.

In 2017, the company exploited over 4.73 million tonnes of oil and condensate and 234 million cubic metres of natural gas, or 95 percent and 124 percent of the yearly plan, respectively. It pocketed 1.97 billion USD in revenue, 3.5 percent higher than the yearly goal.

The success was partly thanks to the venture’s efforts to apply advanced solutions and internal services to save costs.-VNA