Vietsovpetro eyes close to 3 mln tonnes of oil equivalent in 2021
The Vietnam – Russia oil and gas joint venture Vietsovpetro sets to exploit nearly 3 million tonnes of oil equivalent and condensate in 2021, according to Director General Nguyen Quynh Lam.
Vietsovpetro's production at Bach Ho oil field. (Photo: VNA)
Hanoi (VNA) – The Vietnam – Russia oil and gasjoint venture Vietsovpetro sets to exploit nearly 3 million tonnes of oilequivalent and condensate in 2021, according to Director General Nguyen QuynhLam.
The company also aims to contribute 519.4 million USD to theState budget and generate around 157 million USD in profit this year, Lam said.
The firm expects to put the platform BK-18A into operationon October 15, 2021 and BK-19, a month later, he noted, adding that it willalso work to improve its capacity as a service provider to offshore wind powerprojects.
In 2020, the joint venture’s oil and gas output reached 3.42million tonnes, surpassing the set target by nearly 300,000 tonnes.
It said the oil production target was met one month earlierthan the plan, while the natural gas output target was fulfilled 44 days aheadof schedule.
As part of solutions to difficulties posed by the COVID-19pandemic, the company has made efforts to cut production cost and spending. Asa result, it has reduced spending by over 105 million USD, and its productioncosts decreased by 17 percent compared to the plan.
Oil sales totalled only about 1.11 billion USD last year, or81.1 percent of the plan. It contributed nearly 745 million USD to the Statebudget.
Its revenue from outside services and other activities amountedover 213 million USD, while after tax profit hit more than 49 million USD./.
The Vietnam Oil and Gas Group (PetroVietnam) has reported an oil output of 8.64 million tonnes in the first nine months of this year, 9.4 percent higher than the set target.
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The Vietnam – Russia oil and gas joint venture Vietsovpetro has reported an oil and condensate output of nearly 3.14 million tonnes in the first 11 months of this year, 9.4 percent higher than its yearly plan.
The Vietnam – Russia oil and gas joint venture Vietsovpetro has reported that its oil and gas output in 2020 is likely to reach 3.42 million tonnes, surpassing the set target by nearly 300,000 tonnes.
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Vietsovpetro's production at Bach Ho oil field. (Photo: VNA)
