The venture is also preparing for its RC-8 and BK-22 projects while awaiting for approval.

Vietsovpetro is assigned to exploit over 2.9 million tonnes of oil equivalent and 65.4 million cu.m of natural gas this year. The operation of the oil rigs as scheduled is hoped to raise the venture’s target output for 2022 and the years to come.

It is also working to improve equipment supply efficiency for marine constructions and bolster inspection to prevent wastefulness.

Safety measures are also in place together with the application of new technology in a bid to increase oil output and recovery.

Vietsovpetro will build digital transformation plans for the 2022-25, adopt measures on human resources management and arrange in-depth training to build expert contingent.

The venture is setting up a domestic supply chain for the wind power industry to enhance business efficiency as well as create jobs for workers, contributing to Vietnam’s energy transition.

It is planning to seek permission of the Government and relevant agencies to engage in offshore wind power.

In January, Vietsovpetro’s oil and natural gas outputs surpassed its targets by 3.6 percent and 13.6 percent, respectively.

Source: VNA

Vietnam becomes an energy importer: Not a good sign

Vietnam has a wide range of domestic energy sources such as crude oil, coal, natural gas and hydroelectricity, which have played an important role in economic development for decades.

Warning: Exhausted oil fields

In the 2016 - 2020 period, Vietnam’s crude oil production reached 61.24 million tons. The oil was supplied to the Dung Quat Oil Refinery and exported to countries such as Japan, South Korea, Malaysia, Thailand, China, and Australia.