JV Vietsovpetro ensures sustainable achievement of main production indicators

JV Vietsovpetro ensures sustainable achievement of main production indicators

The 50-th Meeting of JV Vietsovpetro Council took place on December 6, 2018, in Vungtau. The Russian participant was represented by the Head of Zarubezhneft JSC Sergey Kudryashov, Head of the Property relations and major enterprises privatization Department of Rosimuschestvo Evgeniy Stolyarov, Extraordinary and plenipotentiary Ambassador of the Russian Federation to Vietnam Konstantin Vnukov as well as the company’s employees. The Vietnamese participant was represented by the General Director of Petrovietnam OGC Nguyen Vu Truong Son and the department heads from the Ministry of Planning and Investments, Ministry of Finance, Ministry of Industry and Trade of Vietnam.

In the framework of the Council meeting the participants have summarized the results of 2018 and formed the main priorities for the performance of the production program and the financial plan by JV “Vietsovpetro” in 2019.

According to the results of 2018, JV “Vietsovpetro” shows achievement of the main planned indicators:

  • 9 exploration wells of the Block 09-1 were completed after drilling, which corresponds to the 100% performance of the planned indicators, the achieved oil reserves increment in these wells amounts to 110% of the planned value;
  • 4.1 million tons of oil (101.5% of the plan) and 180.9 million m3 of natural gas (142.9% performance) were produced;
  • Owing to the implementation of certain measures in the area of JV Vietsovpetro’s production costs decreasing the enterprise’s savings amount in 2018 was more than 76% above the planned indicator.

The results achieved in 2018 allow stating that the team of JV Vietsovpetro has carried out significant work for the implementation of measures to maintain the sustainable production indicators which was highly appreciated by the Russian and Vietnamese Participants at the Council meeting.