A platform of Vietsovpetro in Bach Ho field (Source: VNA)

Hanoi (VNA) -  The Vietnam – Russia oil and gas exploration joint venture Vietsovpetro is expected to earn 1.98 billion USD this year, exceeding its target by 4 percent, according to General Director of Vietsovpetro Tu Thanh Nghia.

The company is estimated to supply 1.6 billion cubic metres, 21.6 percent higher than its target for this year.

However, it exploited more than 4.77 million tonnes of condensate, 4.5 percent lower than its plant. The shortage was partly attributed to the complex geological condition of Bach Ho oil field.

In the year, the company expects to save up 33.8 million USD thanks to effective management. It will contribute more than 909 million USD to the State budget, up 17 percent from its target.

The Russian partner earned 203.7 million USD in profit, 44 percent more than the plan. Vietnam earned 202.8 million USD, up 49 percent.

In 2018, the company sets he goals to produce 4 million tonnes of oil and condensate, 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