Russia’s Rosneft hits drilling record in June, reveals Vietnam play

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Russian state oil company Rosneft set a new daily development drilling record in the first half of this year while its partners in Vietnam discovered a new gas condensate field.

Overall production reached 5.21 million barrels of oil equivalent per day in the first six months of 2016, an increase of 0.7% year-on-year, the firm said today in its latest operating results announcement.

During June, the company managed to drill 40,339 metres in a single day to set a new development drilling record.

Rosneft commissioned 1,200 new wells during the six months, which is 50% more than in the same period last year.

In the second quarter, operator RN-Vietnam discovered the Wild Orchid field. The scale of the resources contained in the well has yet to be confirmed.

In June, BP said it would commit more than £200million to a Siberian exploration programme alongside Rosneft.

The two businesses agreed to form a joint venture, Yermak Neftegaz, to focus on basins covering a combined area of more the 100,000sq miles in east and west Siberia.

BP is Rosneft’s largest minority shareholder. It increased its stake in Rosneft to 19.75% in 2013 as part of a deal that saw the Russian firm buy TNK-BP, a joint venture between BP and a group of Ukrainian-born billionaires, for £36billion.