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Vietsovpetro contributes greatly to Vietnam-Russia ties: Russian diplomat

Russian Ambassador to Vietnam Gennady Bezdetko has published an article on the occasion of the Vietnam – Russia oil & gas JV Vietsovpetro celebrating its 40th founding anniversary and 35 years since it began oil & gas exploitation

Vietsovpetro contributes greatly to Vietnam-Russia ties: Russian diplomat

Hanoi, August 3 - Neftegaz.RU. The article emphasised that the establishment of joint actions between Russia and Vietnam in the oil & gas field was one of the glorious pages in the history of their bilateral relations.
It affirmed during the past 4 decades, the joint venture has led Vietnam – Russia cooperation in the energy sector, contributing greatly to strengthening the countries’ economic and trade ties.

In 1988, Vietsovpetro pumped up the 1st tonnes of crude oil from the basement on the continental shelf in Bach Ho field, which was a milestone for the development of Vietnam’s oil & gas sector.

The article affirmed that in terms of economic efficiency, Vietsovpetro is holding a deserving position not only in the Vietnamese market but also in the world.
Over the past 35 years, the firm has exploited more than 240 million tonnes of oil & gas.

As of March this year, its revenue from oil & gas sales amounted to $86.7 billion, with $52.6 billion contributed to the State budget.

Its efficient management and smooth production process have allowed Vietsovpetro to operate sustainably even in the midst of the pandemic.
In 2020, its volume of oil extracted stood at 3.4 million tonnes, 9 % higher than the yearly target.
About 1.2 billion m3 of gas has been brought ashore, reeling in $1.14 billion in revenue.

Bezdetko said:
  • The JV with a workforce of about 8,000 now is still among the most important in the Vietnam - Russia coordination and is making great contributions to strengthening their comprehensive strategic partnership
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.
In 2020, the JV’s oil and gas output reached 3.42 million tonnes, surpassing the set target by nearly 300,000 tonnes.

Source : Neftegaz.RU

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