The Vietnam-Russia Oil and Gas Joint Venture, Vietsovpetro, set a goal to reduce more than 2,200 workers in Block 09-1 from 2016-2020 as an effort to step up its restructuring.
Oil rigs of Vietsovpetro in the Bach Ho oil field (Photo: VNA)
Hanoi (VNA) – The Vietnam-RussiaOil and Gas Joint Venture, Vietsovpetro, set a goal to reduce more than 2,200workers in Block 09-1 from 2016-2020 as an effort to step up its restructuring.
The layoff has started since 2014 to improve thefirm’s competitiveness and operational efficiency in the wake of continueddecline of global oil prices, said head of Vietsovpetro’s Trade Union NguyenQuoc Dat at a meeting on May 3.
The firm’s restructuring has been assistedby the US management consulting firm McKinsey to make sure the process iscarried out in accordance with international standards.
Vietsovpetro will merge a number of units anddivisions with similar functions. It will also dissolve several units anddivisions due to reduced workload and outsource manual workers to cut costs.
According to this plan, Vietsovpetro will reduce thenumber of employees by more than 2,200 by 2020. Between 2014 and 2017, thecompany has ended contracts with nearly 2,000 workers.
The joint venture aims to generate 1.55 billion USD inrevenue, and profit for the Vietnamese side is expected at 115 million USD andthat for Russia is nearly 111 million USD.
In 2017, the company exploited over 4.73 million tonnes of oil and condensateand 234 million cubic metres of natural gas, or 95 percent and 124 percent ofthe yearly plan, respectively. It pocketed 1.97 billion USD in revenue, 3.5percent higher than the yearly goal.
The success was partly thanks to the venture’s efforts to apply advancedsolutions and internal services to save costs.-VNA
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Oil rigs of Vietsovpetro in the Bach Ho oil field (Photo: VNA) 
