Vietsovpetro set to produce over 2.9 mln tons of oil equivalent

Illustrative photo (Source: petrovietnam.petrotimes.vn)

The Vietnam – Russia oil and gas joint venture Vietsovpetro aims to exploit over 2.9 million tons of oil equivalent and 65.4 million cu.m of natural gas next year, according to the company.

The venture also aims to generate more than 1.3 billion USD in revenue from oil sales and nearly 190 million USD in profit while contributing 679 million USD to the State budget in 2022.

Ending 2021, Vietsovpetro’s oil output exceeded 3.16 million tons and natural gas output reached 82.3 million cu.m, surpassing the yearly plan by 5.5 percent and 7.4 percent, respectively.

Its oil and gas sales hit over 1.68 billion USD while profit total 282,5 million USD, 50 percent and 73 percent, respectively, higher than the plan. It contributed nearly 922 million USD to the State budget, 317 million USD higher than the goal, or 53.4 percent. Profit for both sides was 282.5 million USD, equal to 173 percent of the set target.