Vietnam-Russia oil, gas joint venture extracts 14.6 million tonnes of crude oil over 5 years

The Party Committee of Vietsovpetro held its 12th congress for the 2025–30 term in Ba Ria-Vung Tau Province, southern Vietnam on Monday.

During the event, Vietsovpetro's Party secretary and general director Vu Mai Khanh reported that all five major goals set during the previous term had been successfully accomplished.

These included expanding operational areas and sectors, ensuring safe operations, restructuring, enhancing core technical services, and developing human resources.

Over the past five years, Vietsovpetro has also extracted 336.9 million cubic meters of natural gas.

The firm contributed $5.58 billion to the Vietnamese state budget and profits for the Vietnamese side.

Vietsovpetro is currently working with relevant authorities to seek approval for PetroVietnam and the joint venture to invest in offshore wind power projects.

The new term’s key targets include signing contracts to explore and produce oil and gas in two to four new blocks, developing offshore renewable energy projects, and increasing oil and gas reserves by two to three million metric tons annually.

To achieve these objectives, Vietsovpetro’s Party Committee has outlined five strategic tasks: expanding cooperation in oil and gas exploration and production as well as in energy and industrial sectors; operating safely and efficiently; developing core oil and gas services; accelerating green and digital transitions; and ensuring sustainable development.

The Vietsovpetro Party Committee currently has over 2,200 members. 

At the congress, a new executive committee of 25 members was elected.

Since the beginning of the term, Vietsovpetro has implemented over 900 scientific research projects and technological initiatives, resulting in economic benefits of more than $42 million.

Thanks to optimized management, cost control, and resource efficiency, the joint venture saved and optimized over $130 million during the term.