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Rosneft, PetroVietnam to Establish Joint Ventures on Pechora Sea Shelf

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Russian oil company Rosneft and Vietnamese oil and gas group PetroVietnam are to establish two joint ventures on the Pechora Sea shelf, Rosneft said on its website Friday.

MOSCOW, September 5 (RIA Novosti) - Russian oil company Rosneft and Vietnamese oil and gas group PetroVietnam are to establish two joint ventures on the Pechora Sea shelf, Rosneft said on its website Friday.

"JSC Rosneft and Oil and Gas Corporation PetroVietnam have reached an agreement to establish joint ventures to work in two areas on the (continental) shelf of the Pechora Sea…Total recoverable resources in these areas are estimated to be 367 million tons of oil and 64 billion cubic meters of gas,” Rosneft said in a statement.

“Both sides recalled positive experiences of previous mutually beneficial cooperations and a high degree of trust between the two companies,” the statement says.

The Russian oil giant will have a share of two thirds share in the project and PetroVietnam will have the remainder. The companies’ geological exploration program involves the drilling of five exploratory wells and the carrying out of seismic surveys. Its cost is estimated at $1.5 billion.

According to Rosneft, PetroVietnam has expressed willingness to participate in new projects in Russia and to promote Russian projects on the Asia-Pacific market.

Rosneft is already involved in gas production projects and use two Vietnamese offshore blocks to condense the gas. In addition, the company holds a 32.7 percent share in the Nam Con Son gas pipeline.

Tags:
cooperation, gas, oil, PetroVietnam, Vietnam
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