The Vietnamese-Russian joint venture Vietsovpetro targets production of 5.1 million tonnes of crude oil in 2015, grossing revenue of $3.9 billion – contributing $3.9 billion to the state budget.
Earnings for Vietnam are forecast at US$359 million while the Russian side profits are predicted at US$345 million.
Tu Thanh Nghia, Vietsovpetro General Director said to fulfil the targets, the joint venture has devised solutions to reduce costs by limiting leasing of foreign ships, helicopters and oil rigs.
The company will enhance scientific and technological application and encourage technical innovations to improve the efficiency of production activities.
Last year, Vietsovpetro exploited 5.36 million tonnes of crude oil, getting revenue of $4.34 million – contributing $2.28 billion to the State budget.
Through renovation measures Vietsovpetro saved nearly $25.5 million, bringing in extra revenue of nearly $234 million.