The Viet Nam-Russia Oil and Gas Joint Venture (Vietsovpetro) has set targets for 2018 that include pumping 4 million tonnes of oil and condensate and 126.5 million cubic metres of natural gas.

Vietsovpetro’s general director Tu Thanh Nghia announced the goals at a conference, held in southern Ba Ria-Vung Tau Province on Thursday, in which 2017 operations were reviewed.

The joint venture seeks to generate US$1.55 billion in revenues, and profits for Viet Nam are expected to reach $115 million, along with nearly $111 million for Russia.

In 2017, the company pumped 4.73 million tonnes of oil and condensate and 234 million cubic metres of natural gas, or 95 per cent and 124 per cent of the yearly plan, respectively. It earned revenues of $1.97 billion, 3.5 per cent higher than the yearly goal.

The success was partly due to the venture’s efforts to apply advanced solutions, along with internal services, to save costs.

Nghia noted that the planned output next year would be lower than that of this year because its White Tiger and Dragon oil fields have been in the final phase of their exploitation periods. — VNS