WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy
Vietsovpetro discovers new oil well offshore Vietnam
Vov/Hanoitimes 09:51, 2014/08/31
The Vietnam-Russia Oil and Gas Joint Venture Enterprise (Vietsovpetro) has announced it discovered oil from Oligocene sediments at Sturgeon well of Lot 09-3/12 off Vietnam’s continental shelf.

The first oil flow was discovered on August 2, and approximately 2,000 barrels have been since pumped up from the well every day.
 


This is an initial result of the first search-exploration phase under a Lot 09-3/12 contract between the consortium of contractors PetroVietnam (55%), PVEP (30%) and Bitexco (15%), and the Vietnam National Oil and Gas Group (Petrovietnam).

Lot 09-3/12, at a depth of 60m below sea level, is about 160 km off Vung Tau coast and near Vietsovpetro’s existing oil and gas fields, making it easier for the joint venture to exploit the new well in the future.

Vietsovpetro is making an assessment of the new well’s reserves to work out an exploitation scheme. 

 
Other news
21:12, 2025/01/12
Hanoi prioritizes key industrial products
The city is offering incentives to key manufacturers of industrial products, focusing on improving the business environment, advancing science and technology, and improving human resources.
16:42, 2025/01/12
AI set to drive Vietnam's economic growth in 2025
In 2024, Vietnam's digital economy saw a major uptick in interest in artificial intelligence (AI).
22:38, 2025/01/11
AEON Vietnam opens another department store in Hanoi
Vietnam remains AEON's second most important market in its medium- and long-term strategic plans.
08:41, 2025/01/11
Vietnam-Laos Industrial Park: New direction to strengthen bilateral ties
Numerous Vietnamese projects in various sectors have effectively contributed to Laos' development, creating jobs and improving the livelihoods of tens of thousands of local workers.
22:32, 2025/01/09
Support measures to strengthen Hanoi's small businesses and local industries
In 2025, the geopolitical and economic landscape is expected to remain complex, affecting production, investment and trade activities.
22:24, 2025/01/09
Hanoi's new appartment supply triples to highest level since 2020
In 2025, the new supply of apartments in Hanoi is expected to remain robust, reaching over 31,000 units, higher than in 2024.