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Vietsovpetro meets annual target ahead of deadline

Dec 16th at 14:44
16-12-2014 14:44:18+07:00

Vietsovpetro meets annual target ahead of deadline

The Viet Nam-Russia petroleum venture Vietsovpetro achieved its 2014 target to extract 5.1 million tonnes of oil on December 14, Vietnamplus said, quoting reports from the joint venture's 44th meeting.

Vietsovpetro is expected to extract an additional 260,000 tonnes, bringing the total amount of oil extracted by it during the year to 5.36 million tonnes, equal to 96.6 per cent of 2013's output.

Apart from crude oil, Vietsovpetro has pumped onshore more than 1.4 billion cubic metres of gas, 0.2 billion cubic metres more than the initial plan.

Despite plummeting world oil prices, Vietsovpetro reached its targeted revenue of US$3.86 billion by November 10, 2014. It is expected to gain $4.34 billion in revenue in 2014, and contribute $2.28 billion to the State's coffer.

At the 44th meeting of the joint venture on December 15, Vietsovpetro leaders also discussed plans to expand the areas of oil extraction and the business plan for the 2015-19 period.

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