Vietsovpetro will exploit 5 million tons of oil in 2016

Vietsovpetro will exploit 5 million tons of oil in 2016 - 

The 46th session of vietsovpetro joint venture council has recently finished successully witha target to fulfill crude oil exploitation plan of no less than 5,040 million tons in 2016.

Representative of two sides Zarubezneft (Russia) and Petrovietnam sign a Council Document.

According to information of Vietsovptro, on August 11, 2016 in Vung Tau city, the 46th session of Vietsovpetro Joint Venture Council finished after 10 prompt and liable working days of the experts of Zarubezneft (Russia) and PetroVietnam. At the sessiosides assessed implementation situation and results of the main activity targets in the first six months as well as passed the decisions for the last six months of 2016 for Vietsovpetro.

Mr. Tu Thanh Nghia, General Director of Vietsovpetro said: in first six months of 2016, that the oil prices continued to fall in the beginning months and had no stable signs already impacted greatly activities of Vietsovpetro. However Vietsovpetro proactively implemented measuresto reduce, optimize costs and improve efficiency of the activities to deal with the negative fluctuation of oil prices and guaranteed to fulfill fairly oil exploiting tasks.

-The results of activities of Vietsovpetro in first 6 months:

+Exploration work: For 09-1 Lot to drill 3968 m at ThT 8X well in Tho Trang (White Rabbit) area (equal to 110.2% plan) and completing field works on seism exploding 3D4C. For 09-3/12 Lot to begin drilling CT-4X well from 16/6/2016

+Exploitation drilling 46,448 m (equal to 95.2% plan of the Council and 112.3% plan of the minutes of two sides). Finishing construction for 14 wells and overhauling 12 times for the wells.

+ Exploiting 2,539.9 tons of crude oil (95.2% plan) and 906 million m3of gas (143.3% plan). According to Mr. Nghia, from the beginning time up to now the Vietsovpetro has exploited 221 million tons of crude oil (220 million tons to 12/4/2016) and over 30 billion m3 of gas (30 billion m3 to 25/5/2016).

+Turnover reached $762.7 million with budget payment of $423.2 million, interest for Russian side of 72.5 million and for Vietnamese side of 72.5 million

+In basic construction sector: it was completed to construct install and put into operation

RC - 9 Drilling Rig (6/6/2016) and 4 DK rig houses of the Ministry of National Defense. For 04-3 Lot drilling rig, it is making onshore super-structure (over 97% of project volume) and expected to be launched by August 2016.

The other service activities as scientific research, design, survey, geophysics, maritime and overland transports, electro-mechanism, and other auxiliary works were implemented synchronously and satisfied timely for production requirements.

Regarding the organization structure, Vietsovpetro has merged and dissolved some of its sections, centers and as a result 508 staffs have been reduced . Vietsovpetro has also fulfilled the necessary procedures to hire the consultant contactor for perfecting the organization structure and optimize the number of the staffs in the company.

-The targets for adjustment plan in the last 6 months:

+ Deploy the measures to guarantee safe exploiting 5,040 thousand tons of crude oil, collecting and transmitting to the shore 1.7 billion m3 of gas in 2016

+Strive to successfully implement the 8,370m exploratory drilling plan to achieve the oil collecting increase level of 1.5 million tons. Completing the 3D4C seism justification to improve successful ability for exploratory drilling at 09-1 Lot

+Take the measures to complete over 89 thousand meters of exploitation drilling, finish construction of 28 new wells, overhaul 13 times for drilling wells, and cut bodies of 6 wells.

+ Concentrate the forces to guarantee making, constructing and installing progresses to put into operation the light exploitation rigs BK Thien Ung in October 2016 and ThTC-3 in early 2017.

+Check and take over and put into operation Tam Dao-05 rig ( August 2016) and manufacture two new service ships (operated in April 2017)

+Along with implementing the tasks in improved working and budget program, and duties for existing lots, continue to study oil and gas potential of and capability of Vietsovpetro to the open lots in Vietnam, Russia and the third country.

+ On the basic of 5,040 thousand tons of oil output and average oil price of $45 per barrel, turnover of Vietsovpetro in 2016 expects as $1.7 billion with budget payment of $700 million for Vietnamese state, and interest of $ 129 million for Vietnam side and $124 million for Russian side

Besides, at the session, the council has also assessed and improved several other issues relating: exploitation of gas-condensate wells in northeast area of Rong (Dragon) oil field, extension of gas compress system in Bach Ho (White Tigger) oil area, amendment and supplement of several points in staff regulations to agree the labor law, and continuous assessment of perfecting organization structure of Vietsovpetro.

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