Vietsovpetro works to ensure oil exploitation plan
The Vietnam-Russia Joint Venture Vietsovpetro will exploit an additional 23 oil wells and make upgrade to nine others as part of the efforts to ensure safe exploiting activities and fulfill its set plan.
In addition, it will implement suitable scientific measures to enhance the oil recovery coefficient while promoting cost optimisation.
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Revenue from oil is forecast to stand at US$11.6 billion by 2020. However, Vietsovpetro is asking for Vietnam National Oil and Gas Group’s support to assure sufficient funds for production, due to financial imbalances spurred by a steep fall in oil prices.