SOCHI, May 15 (RIA Novosti) – Russian state-run oil giant Rosneft has pledged to invest around $100 million in geological prospecting and drilling off Vietnam after it received approval for a new oil bloc there, Rosneft CEO Igor Sechin said on Wednesday.
“We have received approval for another bloc, 05-3/11, close to the existing bloc… we’ll be able to use the existing infrastructure. This year, we’ll spend about $27 million on geological prospecting while overall obligations [for Rosneft] for geological prospecting and drilling amount to about $100 million,” Sechin said.
The Rosneft head signed a production-sharing agreement for the bloc on Wednesday between TNK Vietnam, a subsidiary of TNK-BP taken over by Rosneft, and Vietnamese state company Petrovietnam.
Sechin said geological prospecting for the new block would take about two years but did not specify the amount the company might spend on the whole project.
Rosneft did not have any stakes in Vietnamese projects until it took over Russian-British joint oil venture TNK-BP, which had acquired from BP a 35 percent stake in the offshore gas condensate production Block 06.1, which contains the Lan Tay and Lan Do gas condensate fields.
Rosneft has offered Petrovietnam cooperation in eight blocks on the shelf of the Pechora Sea in the Russian Arctic, Sechin also said.
Add to blog
You may place this material on your blog by copying the link.
Image Galleries: Christophe de Margerie: 40 Years With French Oil and Gas Giant
Infographics: Nobel Peace Prize
Ukraine will not be a unitary state following the developments of last winter, spring and summer, says a report by the Valdai Club experts, which has been distributed on the sidelines of the 11th annual meeting of the Valdai International Discussion Club that is underway in Sochi.