The Vietnam-Russia oil and gas joint venture Vietsovpetro has recently sent a proposal to the Vietnam Oil and Gas Group (Petrovietnam) regarding the expansion of its operating area.
Hanoi (VNA) - The Vietnam-Russia oil and gas joint venture Vietsovౠpetro has recently sent a proposal to the Vietnam Oil anꦛd Gas Group (Petrovietnam) regarding the expansion of its operating area.
Specifically, Vietsovpetro proposed Petrovietnam accelerate development plans for Blocks 09-2/09, 16-1/15, and 09-2/10, and ask the relevant authorities to approve Vietsovpetro's involvement in potential projects such as Blocks 17 and 05-2/10, while adopting Vietsovpetro's investment plans for new blocks.
Vietsovpetro General Direc♏tor Vu Mai Khanh said Vietsovpetro is encountering challenges in mobilising floating systems and drilling rigs due to the scarcity a💯nd high rental costs, which are hindering its expansion plans and activities.
To overcome these challenges, Vietsovpetro has proposed geological and technical solutions, including increasing reserves, optimising drilling and production operations, ensuring timely completion of key construction projects, enhancing internal capabilities, maintaining a competitive edge in service supply, particularly in the renewable energy sector. It also aims to expand cooperation and leverage external factors to develop and expand other services, he said.
Petrovietnam General Director Le Manh Hung asked member units to work closely with Vietsovpetro to review the management system and propose more decentralisation to uphold the responsibility of the joint venture's leader.
He also urged Vietsovpetro to partner with Petrovietnam Technical Services Corporation (PTSC) to develop a plan for flexible and efficient resource sharing. This includes prioritising the use of services from units within Petrovietnam's ecosystem to increase the proportion of internal industry revenue and allocate resources to upcoming key projects such as Block B and offshore wind power.
In the first ꦬhalf of this year, oil production across all Vietsovpetro fields reached over 1.5 million tonnes, surpassing the plan by 48,600 tonnes. It is forecast that oil production in the second half will hit more than 1.44 million tonnes, and the expected figure for this year will be over 2.96 million tonnes, exceeding the plan by 70,700 tonnes.
Natural gas production in the first half reached 38.3 million cu.m, exceeding the plan by 8.4 million cu.m. The estimated total for 2023 will be 70.7 million cu.m, 16.5 million cu.m higher than the target.
On July 15, the RC-8 drilling rig in the Rong field, Block 09-1, officially welcomed the first oil flow, one month ahead of schedule, contributing to increasing Vietsovpetro's oil production this year./.
Vietnam-Russia oil and gas joint venture (Vietsovpetro) on October 28 welcomed the first flow of oil pumped up from Ca Tam 2 production platform (CTC-2) at Ca Tam oil field.
Vice President Vo Thi Anh Xuan on December 22 lauded the Russia-Vietnam oil and gas joint venture Vietsovpetro and the Vietnam Oil and Gas Group (Petrovietnam) for their achievements in 2022, contributing to ensuring energy security, state budget revenue, and economic diplomacy.
The Vietnam – Russia oil and gas joint venture Vietsovpetro exploited over 3 million tonnes of oil and condensate gas at Block 09-1 in 2022, officially surpassing the two additional tasks assigned at the 54th Vietsovpetro Council meeting.
Vietsovpetro should pay more attention to renewable energy, especially wind power which is Russia’s strength, First Deputy Speaker of the Federation Council of Federal Assembly of Russia (upper house) Andrey Yatskin said on February 20.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
Illustrative image (Photo: PetroVietnam)
