Vietsovpetrol revenue forecast to reach US$4.34 billion

The Russian-Vietnamese oil and gas joint venture Vietsovpetro on Sunday said their revenue is estimated to reach US$4.34 billion this year, equivalent to 112.4 percent of its plan.

Of these, the revenue is estimated to hit US$386.7 million for Vietnamese side and US$393.6 million for Russian side, accounting for 107.9 percent and 114.3 percent of their plans respectively.

The joint venture is expected to submit a total of US$2.2 billion to the State budget this year.

By the end of the year, Vietsovpetro will exploit over 5.35 million tons of crude oil, at least 250,000 tons beyond their expectations.

The joint venture has found oil and gas in seven out of nine exploratory wells at blocks 09-1 and 09-3. They have successfully determined five areas to install BK oil rigs.

By Duc Trung – Translated by Hai Mien

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