The Vietnam-Russia Oil and Gas Joint Venture (Vietsovpetro) has set a production plan of exploit 5.1 billion tonnes of crude oil in 2015, grossing a total revenue of USD3.9 billion.

To realise this target, Vietsovpetro will work to drastically curtail costs by limiting the leasing of ships, helicopters and oilrigs and increasing their organisation capacity, said Tu Thanh Nghia, General Director of Vietsovpetro.

Vietsovpetro targets 5.1 million tonnes of crude oil in 2015. (Photo: VNA)

The venture will push up the installation of underground cable and transformer stations providing electricity to further reduce costs.

In addition, it will enhance scientific and technological application and encourage technical innovations to improve the efficiency of production activities.

Last year, Vietsovpetro extracted 5.36 million tonnes of crude oil, far exceeding its annual target of 260,000 tonnes and generating USD4.34 billion in revenue./.

VNF/VNA