Business

Vietsovpetro restores output above 3 million tonnes of oil equivalent

Vietsovpetro’s total revenue in 2025 is estimated at over 2.05 billion USD, equivalent to 110.7% of the plan. State budget contributions reached nearly 825 million USD, or 115.7% of the target, while profits shared by the two partners amounted to 311 million USD, exceeding the plan by 30.8%.

Vietsovpetro's BK24 wellhead platform at White Tiger oilfield. (Photo: Vietsovpetro)
Vietsovpetro's BK24 wellhead platform at White Tiger oilfield. (Photo: Vietsovpetro)

Hanoi (VNA) - In 2025, Vietsovpetro, a joint venture under the Vietnam National Industry - Energy Group (Petrovietnam), successfully restored its annual oil and condensate output to over 3 million tonnes of oil equivalent, despite natural decline at its key fields.

According to Vietsovpetro, its core fields are currently experiencing a natural production decline of 15-17% per year, while remaining reserves are increasingly limited and geological risks continue to rise. Against this backdrop, the joint venture implemented a comprehensive set of geological, technical, technological and reservoir management solutions. As a result, total oil and condensate output in 2025 reached 3.012 million tonnes, exceeding the annual plan by 5% and rising 2% compared to 2024.

Notably, at 4:50 a.m. on December 13, 2025, Vietsovpetro completed its oil production plan for Block 09-1 ahead of schedule, producing 2.7 million tonnes of oil and condensate, 18 days earlier than the yearly plan.

The company also recorded encouraging results in reserve replacement. Newly added oil reserves in 2025 reached 2.304 million tonnes, surpassing the annual target by 34%, despite narrowing exploration prospects and heightened geological risks.

Field development activities also marked significant milestones, with the BK-24 platform brought on stream 65 days ahead of schedule and the KNT–KTN field coming online one day earlier than planned. These achievements played an important role in stabilising output and optimising investment efficiency.

Thanks to strong production and business performance, Vietsovpetro’s total revenue in 2025 is estimated at over 2.05 billion USD, equivalent to 110.7% of the plan. State budget contributions reached nearly 825 million USD, or 115.7% of the target, while profits shared by the two partners amounted to 311 million USD, exceeding the plan by 30.8%. Offshore service activities continued to emerge as a new growth driver, generating more than 345 million USD in revenue, equal to 156% of the target.

Looking ahead to 2026, Vietsovpetro General Director Vu Mai Khanh said the joint venture will continue to face significant challenges while entering a new development phase through 2030 under the Vietnam–Russia Protocol. Key priorities include surpassing 2025 production levels, ensuring absolute safety, and further optimising costs and operational efficiency./.

VNA
#Petrovietnam #Vietsovpetro #oil production #oil fields #natural decline
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