Hanoi (VNA) – The Russia-Vietnam oiland gas joint venture Vietsovpetro is undertaking a series of solutions toincrease oil output in the remaining months of the year.

It will focus resources on carrying out geological and technicalmeasures (GTM) and new technologies to raise the oil recoveryfactor.

The JV will also strive toput into operation key construction projects on schedule, optimize productionand costs, and control the flow of capital this year.

Vietsovpetroplans to produce 2.901 million tonnes of oil and condensate, of which 2.8million tonnes will be pumped from Block 09-1 and the remainder from the JV’ssection in Block 09-3/12. It also aims to produce 65.4 million cu.m of naturalgas.

At the same time, the company has to ensure the progress of constructionof the RC-RB1and RC-10 rigs of the Dragon oilfield with the aim of putting them intooperation in the fourth quarter of this year.

Under theyear’s plan, Vietsovpetro will earn 1.31 billion US from the sales of oil and gasat Block 09-1, contribute 679.1 million USD to the State budget while profitsof both sides will be 189.9 million USD.

In the first six months of 2022, the joint venturepumped more than 1.571 million tonnes of oil and condensate, surpassing theplan by 84,700 tonnes but equivalent to over 98 percent of the output in thesame period last year.

Of the six-month output,natural gas exploitation reached 39.9 million cu.m, surpassing the plan by 5.2million cu.m and equivalent to 97.7% of the figure in the same period lastyear. The volume of crude pumped from Block 09-1 surged 12 percent year on yearto 160.3 million cu.m, surpassing the six-month plan by 69.6%.

The jointventure earned 1.193 billion USD in oil and gas revenues, up 510.4 million USDfrom the plan and 441.7 million USD from the same period last year.

Thecompany paid 630 million USD into the State coffer, up 301 million USSD fromthe plan. Profit of both sides reached 209.8 million USD, which is 110 million USDhigher than the target, and 98.1 million USD higher than the figure of the sameperiod in 2021.

Vietsovpetro is working to improveequipment supply efficiency for marine constructions and bolster inspection toprevent wastefulness. Safety measures are also in place together with the applicationof new technology in a bid to increase oil output and recovery.

Vietsovpetrowill build digital transformation plans for the 2022-25, adopt measures onhuman resources management and arrange in-depth training to build expertcontingent.

Theventure is setting up a domestic supply chain for the wind power industry toenhance business efficiency as well as create jobs for workers, contributing toVietnam’s energy transition.

Itis planning to seek permission of the Government and relevant agencies toengage in offshore wind power./.