Vietsovpetro makes new oil find

epa00865199 A Vietname soldier stands infront of Vietnam and Russian flags as they wait for the arrival of Russian President Vladimir Putin in Hanoi international airport to attend the Asia-Pacific Economic Cooperation (APEC) summit in Hanoi, Vietnam on Saturday 18 November 2006. Vietnam is hosting the summit with heads of state from the 21 APEC member countries and more than 5000 officials are expected to attend. EPA/DENNIS M. SABANGAN

Vietsovpetro: The Russian-Vietnamese joint venture's find will help it achieve its 2011 production target, the newspaper reported.

EPA/DENNIS M. SABANGAN

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By News Wires

 29 June 2011 05:35 GMT

Russian-Vietnamese joint venture Vietsovpetro has reported a new oil flow of 4560 barrels per day at a well near the Bach Ho field, the country's largest offshore site, state media has reported.

The venture found strong oil flow at a depth of between 3377 metres and 3396 metres at well 50, northwest of the Bach Ho field, the provincial Ba Ria-Vung Tau newspaper reported, citing a Vietsovpetro statement.

Vietsovpetro is a venture between state oil and gas Petrovietnam group and Russian state oil firm Zarubezhneft formed in 1981, Reuters reported.

The finding would help boost oil reserves as well as help Vietsovpetro achieve its annual production plan for 2011, the newspaper said, without giving any more details.

Production of the venture has fallen gradually since the…

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