The first flow of oil from the Nam Rong-Doi Moi oilfield was tapped yesterday.

The Vietsovpetro joint venture and the Vietnam-Russia-Japan company 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.

With its four current wells, the oilfield has an output of 700 tonnes per day.

The same day, the Vietsovpetro started construction of the Rong-Doi Moi gas compressing rig with a total investment of US$149.6 million.

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 metres of gas next year. With an estimated average price of US$495 per tonne, its turnover is expected to be put into more than US$3 billion. (VNA)