Hanoi (VNA) – The Vietnam – Russia oil and gas joint ventureVietsovpetro has reported that its oil and gas production duringJanuary-September surpassed the set target in the period.

Despite dual crisis of the COVID-19 pandemic and substantial fall in the global oil prices, Vietsovepetro has carried out comprehensive measures to ensuresafety for its workers and maintain stable production and business activities.

The venture exploited nearly 2.42 million tonnes of oil and condensate at Lot09-1, or 8.4 percent higher than the set plan. Of the total amount, 1.8 milliontonnes was pumped from Bac Ho oil rig, 56,000 tonnes from Nam Rong-Doi Moi,60,000 tonnes from Gau Trang, and 67,000 tonnes from Tho Trang.

At Lot 09-3/12, more than 164,000 tonnes of oil was exploited, exceeding theset target by 15.4 percent.

During the nine-month period, Vietsovpetro exploited 62.6 million cubic metresof natural gas, surpassing the goal by 11 percent. More than 986 million cubicmetres of gas was brought ashore, or 29 percent higher than the set goal.

From January – September, Vietsovpetro earned 898.5 million USD from sellingoil exploited from Lot 09-1, and contributed nearly 365 million USD to the Statebudget. Meanwhile, revenue gained from oil at Lot 09-3/12 reached 62.6 millionUSD, 24.8 million USD of which was contributed to the State budget.

In a bid to complete the set target for the whole year, Vietsovpetro continuesto outline rational measures in response to the duel crisis.

The venture has pumped up 500million cubic metres of gas from Thien Ung field,which has been in operation since late 2016.

The Thien Ung field development project, 270 km southeast of Vung Tau city, isa component project under the gas development plan of the Vietnam Oil and GasGroup (PetroVietnam).

As planned, exploited products from Thien Ung will be brought offshore via theNam Con Son 2 pipeline - Phase 2.

Vietsovpetro will drill new fields to provide recipients with an estimated gasoutput of up to 2 million cubic metres per day.

The operation of the BK-TNG rig at the Thien Ung field aims to createinfrastructure connectivity and promote the exploration and exploitation ofgas-condensate fields in the Nam Con Son basin area and the southerncontinental shelf of Vietnam, as well as contribute to ensuring national energysecurity and asserting national sovereignty over seas and islands.

Earlier, the venture successfully launched the base ofthe BK-21 oil rig at Bach Ho field. It is an uninhabited wellhead platformlocated near the MSP6 and MSP7 fixed platforms. Products exploited from BK21will be transported to MSP6 through an underground pipeline.

Manufacturing,installing, commissioning, and putting the BK-21 platform into operation is animportant milestone in increasing oil and gas production and ensuring thecompletion of Vietsovpetro’s production plan in 2020.

Earlier this year, venture Vietsovpetro planned to earn 1.38 billion USDin revenue for the whole year.

Leaders of the joint venture said the Vietnamese side hopes to gain 102 millionUSD in profit, while the Russian side aims for 98 million USD. The firm isexpected to contribute 630 million USD to the State budget this year.

At the 52nd meeting of the Vietsopetro Council, the two sides set agoal to produce 3.12 million tonnes of oil and 70.4 million cubic metres ofnatural gas in 2020.

In 2019, Vietsovpetro put two oil rigs into operation, meeting itstarget to expand exploitation areas.

Thanks its efforts, the joint venture’s oil output increased over 236,000tonnes.

Vietsovpetro raked in 1.79 billion USD from oil sales in the year, equivalentto 112.4 percent of the set plan.

It earned 446.4 million USD in profits and contributed more than 1.15billion USD to the State budget./.