The Viet Nam-Russia oil and gas exploration joint venture (Vietsovpetro), on Thursday, announced that it has earned more than US$1.89 billion, exceeding its target of $1.88 billion set for 2017.

The firm’s sale of oil and gas is expected to generate $1.97 billion by the end of this year, 3.5 per cent higher than the yearly goal.

The company estimates to pay about $788.7 million in taxes.

The Vietnamese side will pocket $146.4 million in profit, 3 per cent higher than the plan, while the Russian partner is likely to earn $143.1 million in profit, 5 per cent higher than the plan.

The success was partly thanks to the venture’s effort to apply advanced solutions to production and internal services to save costs.

In 2018, the company sets to produce four million tonnes of oil and condensate, and generate $1.56 billion in revenue and over $115 million in profit for Viet Nam, contributing $631 million to the State budget. The expected profit for Russia is $111 million. — VNS