Vietsovpetro General Director Tu Thanh Nghia announced the goals at a conference reviewing operation in 2017 held on December 28.
The joint venture set plan to generate US$1.55 billion in revenue, and profit for the Vietnamese side is expected at US$115 million and that for Russia is nearly US$111 million.
In 2017, the company exploited over 4.73 million tonnes of oil and condensate and 234 million cubic metres of natural gas, or 95% and 124% of the yearly plan, respectively. It pocketed US$1.97 billion in revenue, 3.5% higher than the yearly goal.
The success was partly thanks to the venture’s efforts to apply advanced solutions and internal services to save costs.