Special achievements in cooperation in Vietnam - Russia relations

On June 21, the Vietsovpetro Joint Venture (VSP) will celebrate the 250 millionth ton of oil production in its history. This event is a testament to the successful cooperation between Vietnam and the Russian Federation, as well as a recognition of the great and proud efforts of the Vietsovpetro international labor collective in ensuring safe and effective oil exploitation since the first ton of oil was produced at Bach Ho field (June 26, 1986), according to the Government Electronic Newspaper. With the determination to persevere in building the oil and gas industry as a driving force for industrialization and economic development, the Politburo decided to sign a strategic cooperation agreement with the Soviet Union, including the establishment of a joint venture to cooperate in oil and gas exploration and exploitation on a number of blocks on the southern continental shelf of Vietnam. This important decision created a historical turning point as a premise for building today's oil and gas industry. In 1981, the Agreement to establish the Vietnam-Soviet Petroleum Joint Venture was signed (now the Vietnam-Russia Joint Venture Vietsovpetro) in Vung Tau under the Agreement on cooperation in oil and gas exploration and exploitation in the southern continental shelf of Vietnam between the Government of Vietnam and the Government of the Soviet Union. On June 26, 1986, the Vietsovpetro Petroleum Joint Venture exploited the first ton of oil from Bach Ho field, putting Vietnam on the list of countries exploiting and exporting crude oil in the world. Established on the basis of the Intergovernmental Agreement, Vietsovpetro is a symbol of friendship and close cooperation between the two peoples of Vietnam and Russia, a pioneer in the Vietnam Oil and Gas industry, possessing great potential in terms of infrastructure, finance and human resources. From 1 million tons of oil exploited, Vietsovpetro has gradually recorded milestones of 10 million tons, 100 million tons, 200 million tons and 250 million tons in 2024. To date, Vietsovpetro's revenue from oil and gas activities has reached more than 88 billion USD, of which the state budget contribution and profit from Vietnam is over 58 billion USD. Vietsovpetro has made important contributions to the industrialization, modernization and socio-economic development of the country. Sharing about the successes, Mr. Vu Mai Khanh - General Director of VSP - said that for the country, there was a period when 1 million tons of oil was the dream and aspiration of the whole nation. With outstanding efforts in the first stage after its establishment, oil and gas workers at Vietsovpetro have turned tons of oil in "books" and in the imagination of geologists into tons of real oil, from underground to the technological system for collection, transportation, and processing into tons of commercial oil, for sale and bringing back valuable foreign currency for the country. The achievement of 250 million tons of oil has a special significance in the journey of Vietsovpetro in particular and the oil and gas industry in general. Evaluating this event, General Director of Vietsovpetro Vu Mai Khanh said that this achievement is the result of wise decisions of the Party and State in cooperating with the Soviet Union in oil and gas exploration and exploitation. This is also the result of the Vietnam - Soviet Union friendship that the Soviet friends consider a command from the heart, the solidarity - friendship in the international labor collective of Vietsovpetro in 43 years of construction and development. In the journey to conquer the 250 million tons of oil milestone, Vietsovpetro has firmly built four pillars of the oil and gas exploration and exploitation industry, including: Research and exploration, construction, well construction and mining operations.

Laodong.vn

Source: https://laodong.vn/thoi-su/thanh-tuu-hop-tac-dac-biet-trong-quan-he-viet-nga-1354819.ldo