Ba Ria – Vung Tau (VNA) – The Vietnam-Russia joint venture Vietsovpetro, based in the southern province of Ba Ria-Vung Tau, marked two milestones on June 21 - its 43rd founding anniversary (June 19) and the extraction of its 250 millionth tonne of oil.
Vietsovpetro achieved the historic oil extraction on May 15, 2024. Established in 1981 to explore and develop oil resources in Vietnam's southern continental shelf, the venture didn't see its first commercial oil flow until June 1986 from Bach Ho (White Tiger) field.
Rapid development followed, solidifying Vietsovpetro as a leader in Vietnam's oil exploration and production. The company has significantly contributed to national economic growth and energy security, while strengthening the Vietnam-Russia partnership. Previous milestones included reaching 5 million tonnes in 1990 and 200 million tonnes in 2012, a testament to the venture's success despite its initial capitalisation of only 1.5 billion USD.
To date, Vietsovpetro has accounted for nearly 60% of Vietnam's total oil production. Its oil operations have generated over 89 billion USD in revenue, contributing more than 58 billion USD to the State budget. It has also collected and transported over 39 billion cu.m of associated petroleum gas ashore, providing substantial revenue and aiding in controlling inflation, stabilising the macro-economy, fostering economic growth during challenging periods.
Innovation has been a cornerstone of Vietsovpetro's success. The company has registered over 3,282 patents, with 2,329 recognised as practical innovations that improve production and economic efficiency, generating hundreds of millions of USD in benefits. Furthermore, it has trained a large pool of skilled professionals in offshore oil exploration, design, construction and operation.
Looking ahead, Vietsovpetro is expanding its services. Since 2005, the venture has identified providing technical services to external parties as a new area of focus alongside its core production mission. This diversification has contributed to strengthening Vietsovpetro's brand recognition both domestically and internationally./.
