The Vietnam-Russia Oil and Gas Joint Venture Vietsovpetro has pumped up more than 230 million tonnes of crude oil and provided 34 billion cubic metres of associated gas since its exploitation of the first tonnes of the resource in Vietnam in June 1986.
BaRia-Vung Tau (VNA) – The Vietnam-Russia Oil and Gas Joint Venture Vietsovpetrohas pumped up more than 230 million tonnes of crude oil and provided 34 bill🐼ioncubic metres of associated gas since its exploitation of the first tonnes ofthe resource in Vietnam in June 1986.
It earnednearly 78 billion USD in revenue and sent 48 million USD to the State’s budgetin the period, greatly contributing to the country’s economic development, energysecurity and affirmation of sovereignty in the sea. Theinformation was revealed during a symposium held in the southern province of BaRia-Vung Tau on September 6, with the participation of 250 scientists andexperts from Vietnam and Russia. The eventwas to mark the 30th anniversary of the first flow of oil discovered from thebasement on the continental shelf in Bach Ho field (September 6, 1988), whichis a milestone for Vietnam’s oil and gas sector. The discovery has drawnforeign oil and gas companies’ massive investment in Vietnam, which plays asignificant role in the sector’s growth. Vietsovpetro’sdevelopment has also fostered growth of other industries, including gas,electricity and refinery, among others.
Reports deliveredat the symposium focused on current issues in oil and gas exploration. They serveas an important foundation for Vietsovpetro and Vietnam’s oil and gas sector inthe search for new oil deposits, said a leading official of the Vietnam Oil andGas Group.
In2017, Vietsovpetro exploited over 4.73 million tonnes of oil and condensate and234 million cubic metres of 🌄natural gas, or 95 percent and 124 percent of theyearly plan, respectively. It pocketed 1.97 billion USD in revenue, 3.5 percenthigher than the yearly goal.-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.
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At the symposium (Photo: VNA) 
