Vietsovpetro's oil rig in Bach Ho (White Tiger) field. — VNA/VNS Photo Huy Hung

The Vietnam – Russia oil and gas joint venture Vietsovpetro sets to exploit nearly three million tonnes of oil equivalent and condensate in 2021, according to Director General Nguyen Quynh Lam.

The company also aims to contribute US$519.4 million to the State budget and generate around $157 million in profit this year, Lam said.

The firm expects to put the platform BK-18A into operation on October 15, 2021 and BK-19, a month later, he noted, adding that it will also work to improve its capacity as a service provider to offshore wind power projects.

In 2020, the joint venture’s oil and gas output reached 3.42 million tonnes, surpassing the set target by nearly 300,000 tonnes.

It said the oil production target was met one month earlier than the plan, while the natural gas output target was fulfilled 44 days ahead of schedule.

As part of solutions to difficulties posed by the COVID-19 pandemic, the company has made efforts to cut production cost and spending. As a result, it has reduced spending by over $105 million, and its production costs decreased by 17 per cent compared to the plan.

Oil sales totalled only about $1.11 billion last year, or 81.1 per cent of the plan. It contributed nearly $745 million to the State budget.

Revenue from outside services and other activities amounted to over $213 million, while after tax profit hit more than $49 million. — VNS