Vietsovpetro posts over US$1.98 billion turnover in 2017

Friday, 2017-12-01 17:16:30
 Font Size:     |        Print

Illustrative image
 Font Size:     |  

NDO - The Russia-Vietnam oil and gas exploration joint venture, Vietsovpetro, announced that its revenue from natural oil and gas condensate in 2017 was estimated at over US$1.98 billion, equivalent to 104% of the year's plan, as heard by the 48th meeting of the Vietsovpetro's Council held on November 30.

The report showed that Vietsovpetro has fulfilled and surpassed its key targets set for this year, including gas and condensate exploration, revenue, profits, contributions to the State budget, and cost optimisation.

The joint venture was estimated to have tapped over 4.7 million tonnes of crude oil/condensate, equivalent to 95.4% of the year's target and 234 million cu.m of gas, equivalent to 124% of the year's target.

Vietsovpetro also expected to save US$33.8 million this year thanks to the deployment of solutions to cut costs, minimise outsourcing, and halt unnecessary projects.

It will also contribute over US$909 million to the State budget this year, equivalent to 117% of the set target.

In 2017, the Russian side will earn over US$200 million in profits, equivalent to 141% of the target, while the Vietnamese side will reap US$206 million in profits, equivalent to 151% of the year's target.

The joint venture has set a target of obtaining US$1.56 billion in revenue in 2018 and contributing over US$631 million to the State budget.