The BK-20 rig belonging to the Bach Ho oilfield. — Photo VNA

The Viet Nam-Russia oil and gas joint venture Vietsovpetro plans to earn US$1.38 billion in revenue in 2020, online newspaper vietnamplus.vn reported.

Speaking at a conference late last week to review its operations in 2019 and set out orientations and tasks for 2020, leaders of the joint venture said the Vietnamese side is hoped to gain $102 million in profit, while the Russian side aims for $98 million.

The firm is expected to contribute $630 million to the State budget this year.

At the 52nd meeting of the Vietsopetro Council, the two sides set a goal to produce 3.12 million tonnes of oil and 70.4 million cu.m of natural gas in 2020.

In 2019, Vietsovpetro put two oil rigs into operation, meeting its target to expand exploitation areas.

Thanks its efforts, the joint venture’s oil output increased over 236,000 tonnes.

Vietsovpetro raked in $1.79 billion from oil sales in the year, equivalent to 112.4 per cent of the set plan.

It earned $446.4 million in profits and contributed more than $1.15 billion to the State budget. — VNS