The Vietnam – Russia oil and gas joint venture Vietsovpetro exploited over three million tonnes of oil and condensate gas at Block 09-1 in 2022, officially surpassing the two additional tasks assigned at the 54th Vietsovpetro Council meeting.

According to Vietsovpetro, it faced many difficulties following the COVID-19 pandemic, armed conflicts, rising prices of raw materials, supply shortages, and disruptions in the global supply chain.

Vietsovpetro has implemented a series of solutions to control cash flow, and optimise costs. Nearly 100 initiatives have been recognised, bringing about economic benefits of nearly US$10 million.

2022 is the first year Vietsovpetro ended the decline in production, and increased its reserves at over 3.5 million tonnes, exceeding the set plan by 25 per cent.

With its determination and creativity in management and administration, Vietsovpetro is striving to exploit nearly 2.9 million tonnes of oil and condensate gas, earn a total profit of $222 million, and contribute $673.4 million to the State budget in 2023. — VNS