ANL 34.52 Increased By ▲ 0.67 (1.98%)
ASC 15.16 Increased By ▲ 0.26 (1.74%)
ASL 24.83 Increased By ▲ 0.32 (1.31%)
AVN 95.00 Increased By ▲ 3.86 (4.24%)
BOP 7.87 Decreased By ▼ -0.07 (-0.88%)
BYCO 10.31 Increased By ▲ 0.53 (5.42%)
DGKC 126.60 Increased By ▲ 1.85 (1.48%)
EPCL 57.16 Increased By ▲ 1.91 (3.46%)
FCCL 24.50 Increased By ▲ 0.09 (0.37%)
FFBL 27.96 Increased By ▲ 0.01 (0.04%)
FFL 16.04 Increased By ▲ 1.14 (7.65%)
HASCOL 10.02 Increased By ▲ 0.28 (2.87%)
HUBC 80.00 Increased By ▲ 0.83 (1.05%)
HUMNL 6.45 Increased By ▲ 0.21 (3.37%)
JSCL 20.41 Increased By ▲ 0.50 (2.51%)
KAPCO 40.94 Increased By ▲ 0.69 (1.71%)
KEL 3.87 Increased By ▲ 0.02 (0.52%)
LOTCHEM 17.24 Increased By ▲ 0.54 (3.23%)
MLCF 46.91 Increased By ▲ 1.17 (2.56%)
PAEL 36.17 Increased By ▲ 2.69 (8.03%)
PIBTL 10.49 Increased By ▲ 0.19 (1.84%)
POWER 9.35 Increased By ▲ 0.15 (1.63%)
PPL 85.74 Increased By ▲ 0.16 (0.19%)
PRL 25.71 Increased By ▲ 1.21 (4.94%)
PTC 9.45 No Change ▼ 0.00 (0%)
SILK 1.17 Decreased By ▼ -0.09 (-7.14%)
SNGP 39.36 Increased By ▲ 0.10 (0.25%)
TRG 159.61 Increased By ▲ 11.13 (7.5%)
UNITY 30.75 Increased By ▲ 1.12 (3.78%)
WTL 1.43 Increased By ▲ 0.23 (19.17%)
BR100 4,852 Increased By ▲ 65.72 (1.37%)
BR30 25,671 Increased By ▲ 690.82 (2.77%)
KSE100 45,186 Increased By ▲ 445.12 (0.99%)
KSE30 18,485 Increased By ▲ 152.7 (0.83%)

Coronavirus
VERY HIGH
Pakistan Deaths
15,443
11424hr
Pakistan Cases
721,018
505024hr
Sindh
268,750
Punjab
248,438
Balochistan
20,241
Islamabad
65,700
KPK
98,301
Markets

Russia oil venture to raise output by 2015

HANOI : Vietnam-Russia oil venture, Vietsovpetro, plans to raise its output to 7 million tonnes, or 140,600 barrels per
16 Jul 2011

 HANOI: Vietnam-Russia oil venture, Vietsovpetro, plans to raise its output to 7 million tonnes, or 140,600 barrels per day (bpd), of oil equivalent per year by 2015, up 16.7 percent from this year's target, a state-run newspaper reported on Saturday.

The venture between state oil and gas Petrovietnam group and Russian state oil firm Zarubezhneft marked its 30th anniversary of establishment on Friday, having pumped 193 million tonnes of crude oil.

The venture's production has fallen gradually from a 2002 peak of 13.5 million tonnes, dropping to 6.4 million tonnes of crude oil in 2010, about 40 percent of Vietnam's overall output.

The venture intends to lift more crude oil and gas as of 2014 from Thien Ung field in block 04-3 to ensure output reaches 7 million tonnes of oil equivalent a year from 2015, the Vietnam Economic Times newspaper quoted Vietsovpetro Chief Executive Nguyen Huu Tuyen as saying.

Vietsovpetro plans to secure highest production from block 09-1, site of Bach Ho field -- Vietnam's largest but ageing field -- and step up exploration of blocks 04-3, 04-1 and 16-2 to further expand oil reserves, the report said.

Vietsovpetro has planned crude oil output at 6 million tonnes per year for 2011-2013, the report said.

Last month, it reported new oil flow of 4,560 barrels per day (bpd) at a well near the Bach Ho field, state media said.

Last December, the governments of Vietnam and Russia agreed to renew cooperation in oil and gas exploration, extending Vietsovpetro's life by another 20 years.

 

Copyright Reuters, 2011