Oil flows from Nam Rong-Doi Moi well

Ba Ria-Vung Tau — The first flow of oil from a well on the Nam Rong-Doi Moi oilfield last Friday was extracted by the Vietsovpetro joint venture enterprise and the Viet Nam-Russia-Japan company.

Vietsovpetro and the company have invested more than US$342 million in drilling and installing rigs for 10 wells along with other facilities under a co-operation agreement signed last June.

Meanwhile, Vietsovpetro has started work on construction of the Rong-Doi Moi gas compressing rig with a total investment of $149.6 million. The Viet Nam National Oil and Gas Group is the investor. The project is scheduled to be put into operation late this year.

Vietsovpetro plans to tap 6-6.2 million tonnes of crude oil and 595 million cubic metre of gas next year. With an estimated average price of $495 per tonne, its turnover would be worth more than $3 billion. — VNS