Vietsovpetro Extends Operations Until 2050
During the session, both governments signed a protocol amending the intergovernmental agreement on Vietsovpetro, officially extending the joint venture’s operations until 2050.
The Vietnam-Russia Vietsovpetro Joint Venture Council also voted to appoint the First Deputy General Director and Deputy General Director. Mr. Sidorov Igor Nikolaevich will serve as the First Deputy General Director, while Mr. Nguyen Thai Son will assume the role of Deputy General Director.
Representatives from the Vietnam-Russia Vietsovpetro Joint Venture stated that oil/condensate production is projected to exceed targets by the end of 2025. Notably, Vietsovpetro is expected to complete its 2025 oil/condensate production plan by December 13, 2025, 18 days ahead of schedule.
Vietsovpetro’s Strategic Focus for 2026
Additionally, revenue and profit targets from external services were achieved ahead of schedule. Exploration, surveying, and expansion efforts have also yielded positive results, laying the groundwork for long-term growth.
In 2026, Vietsovpetro will focus on maintaining stable and efficient production, implementing tasks outlined in the amended intergovernmental agreement. Key priorities include organizational restructuring, refining internal management mechanisms, developing a long-term strategy until 2050, enhancing exploration efforts, expanding operational areas, and integrating modern technology into production processes.
PetroVietnam – Messer Joint Venture Invests in Cai Mep Industrial Gas Plant
A groundbreaking joint venture has been established to construct an industrial gas production plant in the Cai Mep Industrial Zone, Ho Chi Minh City. This state-of-the-art facility is designed with an impressive annual capacity of 200,000 tons and represents a significant investment of approximately $37 million USD.
Offshore Triumph: Strategic Project Delivers “Black Gold” 65 Days Ahead of Schedule
This project delivers a substantial contribution to the State budget.
Petrovietnam and Vietsovpetro Inaugurate the BK-24 Wellhead Platform
On the morning of November 8th, the Vietnam Oil and Gas Group (Petrovietnam) and the Vietnamese-Russian joint venture Vietsovpetro held a ceremony to inaugurate the BK-24 wellhead platform. This significant project serves as a tribute to the 14th National Party Congress.
Q3 TIP Profit Surges by 46%
TIP’s Q3 net profit surged 46%, driven by financial investment provision reversals. The company has achieved 70% of its annual plan in the first nine months.
Black Gold Miracle in the South China Sea: Vietnam Unlocks a Precious Energy Vein
This pivotal event marks a groundbreaking milestone for the enterprise in the South China Sea.
