Hanoi (VNA) - Russia and Vietnam’soil and gas exploration joint venture Vietsovpetro has exploited five milliontonnes of crude oil in 2016.
Thisgenerated yearly revenue of more than 1.7 billion USD, a slump of 28 percentyear-on-year.
Thecompany contributed over 680 million USD to the State Budget, some 300 million USDless than last year.
TheRussian partner posted profit of 121 million USD, while the Vietnam side madeprofit of nearly 126 million USD, a year-on-year decrease of 71 percent forboth sides against last year.
Accordingto Vietsovpetro, the main reason for this year’s decline in production was dueto the lower oil price. The average oil price this year stands at 45 USD perbarrel, 9 USD less than in 2015. In addition, the oil reserve in existing minesalso continues to decline gradually.
In2016, Vietsopetro pumped ashore some 1.68 billion cu.m. of gas, representing130 percent of the yearly plan, bringing the total amount of gas shippedashore, so far, to over 30.9 billion cu.m.-VNA
The Vietnam-Russia Joint Venture Vietsovpetro will exploit an additional 23 oil wells and make upgrade to nine others as part of the efforts to ensure safe exploiting activities and fulfill set plan.
Vietsovpetro, a Vietnam – Russia joint venture, held a ceremony on August 12 to mark its 35th founding anniversary and 30 years since its first tonne of crude oil was exploited.
Topsides weighing more than 5,000 tonnes of gas extraction platform BK Thien Ung has been successfully launched by the Vietnam-Russia joint venture Vietsovpetro.
The Vietnam-Russia joint venture Vietsovpetro expects to tap 5.04 million tonnes of crude oil as targeted this year, heard the 47th meeting of Vietsovpetro’s Council recently held in Vung Tau
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Illustrative photo (Photo: VNA) 
