Vietsovpetro’s oil and gas production surpasses target
The Vietnam-Russia oil and gas joint venture Vietsovpetro has announced that oil and gas exploitation reached 2.1 million tonnes in the first eight months of this year, 7.3 percent higher than the target.
Hanoi (VNA) - The Vietnam-Russia oil and gas joint ventureVietsovpetro has announced that oil and gas exploitation reached 2.1 milliontonnes in the first eight months of this year, 7.3 percent higher than the target.
With oil priced at more than 40 USD per barrel, Vietsovpetro said itwill not face any pressure regarding capital for production.
Superstructure blocks of the BK-21 oil rig were launched on the firstday of September.
BK-21 rig is an uninhabited wellhead platform located near the MSP6 andMSP7 fixed platforms in the Bach Ho field. Products exploited from BK21 will betransported to MSP6 by underground pipelines. The base of the oil rig wassuccessfully launched in May.
Manufacturing, installing, commissioning, and putting the BK-21platform into operation is an important milestone in increasing oil and gasproduction and ensuring the completion of Vietsovpetro’s production plan in2020./.
The Vietnam Oil and Gas Group (PetroVietnam) reported total revenue of 283.5 trillion VND (12.2 billion USD) in the first half of this year, contributing 32 trillion VND to the State budget.
The Russia-Vietnam oil and gas joint venture (Vietsovpetro) has pumped up 500 million cubic metres of gas from Thien Ung field, which has been in operation since late 2016.
The Vietnam Oil and Gas Group (PetroVietnam) still enjoyed profit of more than 10 trillion VND (430.6 million USD) and contributed over 38 trillion VND to the State budget in the first seven months of 2020 despite Vietnam being hit by COVID-19.
Throughout its 45-year history of operation, the Vietnam Oil and Gas Group (PetroVietnam) has faced numerous difficulties and challenges, but with the trust and support of the Party and State, the group has weathered all storms to fulfill its mission and contribute greatly to national socio-economic development.
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Illustrative image (Photo: VNA) 
