The Viet Nam-Russia oil and gas joint venture enterprise (Vietsovpetro) aims to pump up 5.1 million tons of oil in 2014, said Vietsovpetro Party Committee Secretary Dang Minh Hong.

The output is 460,000 tons lower than in 2013.

To meet the target, besides its East Sea activities, the joint venture is continuing operations in the Tho Trang (White Rabbit) Oil Field.

Daily oil capacity is stable at 500 tons. Wells at Ca Tam Oil Field are under exploration and construction on the pipes linking Thien Ung Oil Field to shore has accelerated.

Technology at Bach Ho (White Tiger) and Rong (Dragon) Oil Fields was upgraded to increase efficiency.

Vietsovpetro will increase exploration and seek new wells in block 091 to make the most of this block.  

The company tapped 5.56 million tons of oil in 2013, 156,000 tons higher than the set target.

It contributed US$3 billion to the State budget./.

Source: VGP News