Business

Vietsovpetro works to ensure oil exploitation plan

The Vietnam-Russia Joint Venture Vietsovpetro will exploit an additional 23 oil wells and make upgrade to nine others as part of the efforts to ensure safe exploiting activities and fulfill set plan.
Vietsovpetro works to ensure oil exploitation plan ảnh 1Illustrative photo (Photo: VNA)

Hanoi (VNA) – The Vietnam-Russia Joint Venture Vietsovpetro will exploit an additional 23 oil wells and make upgrade to nine others as part of the efforts to ensure safe exploiting activities and fulfill its set plan.

The company will focus on completing seismic research to increase successful exploratory drilling activities in lot 09-1 to the northwest of Bach Ho (White Tiger) oil field in the coming time.

In addition, it will implement suitable scientific measures to enhance the oil recovery coefficient while promoting cost optimisation.

Vietsovpetro is striving to pump up over 24.4 million tonnes of crude oil by 2020. The company expects to bring ashore 5 million tonnes and exploit a further 100,000 tonnes in 2016.

Revenue from oil is forecast to stand at 11.6 billion USD by 2020. However, Vietsovpetro is asking for Vietnam National Oil and Gas Group’s support to assure sufficient funds for production, due to financial imbalances spurred by a steep fall in oil prices.-VNA

VNA
#Vietsovpetro#oil wells#seismic research#exploratory drilling#cost optimisation
Follow VietnamPlus

Related News

See more

Industrial factories in Tan Uyen city, the southern province of Binh Duong (Photo: VNA)

Investors upbeat about Vietnam’s industrial property market

Investors are bullish on Vietnam's industrial property market growth on the back of the nation's strategic location, sound infrastructure, and increasing demand for industrial space, particularly industrial parks that meet green standards, according to market research.

Vietnamese Ambassador to Belgium and head of the Vietnamese Delegation to the EU Nguyen Van Thao addresses the forum (Photo: VNA)

Forum connects Vietnamese, Belgian busineses

The Vietnam-Belgian business forum took place in Brussels on October 23, offering a chance for enterprises of the two countries to introduce their products and explore new cooperation opportunities.

The expos cover over 6,000 sq.m, drawing over 210 exhibitors from 10 countries and territories. (Photo: VNA)

Hanoi hosts textile & garment, fabric garment accessories expos

The Vietnam Hanoi Textile & Garment Industry and Fabric Garment Accessories Expos 2024 (HanoiTex & HanoiFabric 2024) is taking place in Hanoi on October 23 – 25 as part of a series of international exhibitions on Vietnam's textile and garment industry.

Representatives from Vietnamese and Lao agencies, localities and businesses at the opening ceremony of the Vietnam-Laos trade fair 2024 in Xiengkhouang province. (Photo: VNA)

Vietnam, Laos step up trade, tourism promotion

A Vietnam-Laos trade fair was kicked off in Phonsavanh township in Xiengkhouang province of Laos on October 23 as part of activities to celebrate the 75th anniversary of the traditional day of Vietnamese volunteer soldiers and experts in Laos (October 30, 1949 – 2024).

Illustrative photo (Photo: chinhphu.vn)

Vietnamese goods enter US through global supply chain

The Saigon Co.op Distribution Company Limited (SCD) - a member of the Ho Chi Minh City Union of Trade Cooperatives (Saigon Co.op), and STC Natural Vina Company on October 23 held a hand-over ceremony for goods that will be exported to the US.

Vietnam’s lobsters have clawed their way back onto Chinese menus after a suspension. (Photo: VNA)

Vietnam’s lobsters claw back prominence in China

Vietnam’s lobster export to the Chinese market in January-September rose 33 folds year-on-year on the back of lower prices and stronger trade ties between the two nations, the South China Morning Post said on October 22.