Vietsovpetro sources more oil than expected

The Vietnam-Russia Petroleum Joint Venture, also known as Vietsovpetro, is expected to fulfill its 2009 exploitation plan on Dec. 13, said General Director Nguyen Huu Tuyen.

During the remaining day of this year, the JV will tap 300,000 tonnes more than the initial plan and will bring the total output to 6.5 million tonnes of crude oil for the year, Tuyen said at the Vietsovpetro’s council meeting on Dec. 9.

By the end of this year, the JV is expected to earn 3.19 billion USD from the sale of crude oil, representing 130.7 percent of it yearly plan, he added.

The JV purchased a jack-up rig and two service boats worth more than 230 million USD, ensuring its smooth operation.

It also conducted well geological exploration projects, bringing the recoverable oil and gas reserves to over 18.5 million tonnes or three times higher than its plan, Tuyen further said.

Tags: Vietnam Petroleum, Vietsovpetro