Vietnamese and Russian experts discuss at the BK-TNG Oil-shore. — Photo Petrovietnam

Vietsovpetro, a Viet Nam and Russia oil and gas joint venture, earned US$1.28 billion from sales in the first eight months of this year, 19.4 per cent over its yearly target.

During the period, the Vietnamese side gained more than $101 million in profit and the Russian’s, $97.4 million, rising 26.7 per cent and 27 per cent respectively above their annual goals.

The volume of crude oil and condensate tapped surpassed 11.5 per cent while that for natural gas was 16.7 per cent higher than the respective targets for the January-August period.

Vietsovpetro also put 12 wells into exploitation while installing more than 8,270 tonnes of metal facilities at sea and 34km of piping underwater.

The joint venture contributed nearly $534 million to the State budget during the period, almost 22 per cent higher than planned. — VNS