Vietsovpetro hits $3b in earnings

Vietsovpetro – a petroleum joint venture between Viet Nam and Russia – reported total revenue of more than US$3 billion in the first 10 months of this year, around 5 per cent higher than earlier expectations.

As a result, Vietsovpetro paid $1.68 billion to the State budget during the period.

Although the joint venture met with difficulties over the past 10 months, it managed to put into operation a number of oil and gas exploitation projects, including oil rigs RC-4 and RC-Doi Moi in the Nam Rong – Doi Moi Oil-field and RC-5, BK 15 and BK 19, said Nguyen Huu Tuyen, Vietsovpetro director general.

“The joint venture produced more than 120,000 barrels of crude oil during the period,” he said.

In the two remaining months of the year, Vietsovpetro would strive to reach the 200,000 barrel mark with an estimated turnover of around $4 billion, he added.

Last year, it churned out roughly 190,000 barrels, accounting for 40 per cent of the sector’s output. It also produced roughly 1.4 billion cubic metres of gas.

Vietsovpetro earned nearly $3.2 billion from crude oil exports and paid $1.96 billion in taxes last year. — VNS

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