Russian-backed joint venture Vietsovpetro welcomed the first commercial oil flow from the BK-24 wellhead platform at Bach Ho (White Tiger) oilfield on Saturday, more than two months ahead of schedule.

This event marks the second project completed by Vietsovpetro in 2025 and a record-breaking milestone in term of speed, Petrovietnam stated in a release.

Vietsovpetro is a JV between Russian and Vietnamese state-owned heavyweights Zarubezhneft and Petrovietnam.

Cuu Long rig is drilling Well 24001 at BK-24 platform. Photo courtesy of Petrovietnam.

"Bringing the BK-24 platform into operation 65 days earlier than planned is a remarkable achievement, clearly demonstrating Vietsovpetro’s comprehensive capabilities and proactiveness across the entire oilfield development value chain, including geology and field design, drilling and production, and EPCI (engineering, procurement, construction, and installation)," Petrovietnam stated.

"The success of BK-24 is particularly significant as it underscores Vietsovpetro’s core strength in developing small and marginal oilfields with optimized costs," it added.

BK-24 is the second oilfield development project that Vietsovpetro has completed and put into operation this year, following the KNT-KTN field development project earlier this year.

The additional crude oil output from BK-24 will play a crucial role in helping Vietsovpetro meet or exceed its 2025 business targets, while reinforcing its leading position within Petrovietnam’s oil and gas sector.

The first oil flow from BK-24 also represents an important contribution to Vietnam’s state budget revenue, while strengthening the nation’s energy security.

The Bach Ho (White Tiger) oil field is located offshore southern Vietnam, about 145 km from Vung Tau coast. It is recognized as the largest oil field in Vietnam, with over 500 million tons of on-site oil and gas reserves.

Petrovietnam reported total revenue of VND510 trillion ($19.5 billion) in the first half of this year, driven by strong production performance. The group contributed VND66.5 trillion ($2.54 billion) to the state budget during the period.

In H1, PetroVietnam produced 4.82 million tons of crude oil and 2.99 billion cubic meters of natural gas. Meanwhile, its electricity output reached 16.65 billion kWh.

Petroleum output stood at 3.78 million tons (excluding production from the Nghi Son refinery), exceeding the H1 target by 12.6%. Fertilizer production totaled 950,200 tons.

In H1, the group disbursed an estimated VND20.6 trillion ($788.09 million) in investment, up 31.2% year-on-year.