Vietsovpetro is expected to earn more than US$1.7 billion in revenue this year, making a profit of $247 million. — Photo vietsovpetro.com.vn

Russia and Viet Nam’s oil and gas exploration joint venture, Vietsovpetro, will ship ashore around 1.6 billion cu.m of gas this year, 27 per cent more than its annual target.

Of this, 654 million cu.m of gas will come from Lot 09-1, in the northwest of Bach Ho (White Tiger) oil field, a major oil field in East Sea’s Cuu Long basin, east of Mekong Delta.

Speaking at the Vietsovpetro’s 47th meeting council held recently in Ba Ria-Vung Tau Province, CEO Tu Thanh Nghia said the company would complete its yearly target of extracting 5.04 million tonnes of oil.

This will bring the company’s total supply to more than 223 million tonnes of oil and 30.8 billion cu.m of gas, Nghia said.

Vietsovpetro is expected to earn more than US$1.7 billion in revenue this year, making a profit of $247 million. More than $683 million will go into the state budget. It has cut $138 million in costs, exceeding 20 per cent of the annual target set by the council. — VNS