Zarubezhneft, Rosneft to jointly search for oil offshore Vietnam
- Business & Finance
On June 16th, 2014 within the frame of the World Petroleum Congress Rosneft President, Chairman of the Management Board Igor Sechin, PetroVietnam Oil Corporation President and General Director Dr. Do Van Hau and General Director of JSC Zarubezhneft Sergey Kudryashov signed a Memorandum of Understanding in the field of geological exploration in Vietnamese shelf.
The document presumes, among other things, that the parties willconsider the possibility of cooperation and joint geological explorations in offshore Blocks 125 and 126, in Fukhan, on the Vietnamese shelf. In addition, the Memorandum provides for the possibility of cooperation expansion beyond the frames of these Blocks, if new mutually beneficial partnership prospects are detected in the process of exploration.
Commenting on the signing of the Memorandum, Igor Sechin said: “The signing of this Memorandum by Rosneft, Zarubezhneft and PetroVietnam is an evidence of strategic mutually beneficial cooperation between the Russian oil and gas companies and Vietnamese partners. Possible extension of the gas assets portfolio in the region will let Rosneft to strengthen its positions on the energy resources supplier market and get new competences in offshore production. In the same time, implementation of this project will let Vietnam strengthen its energy safety.”
Regarding the signing, Do Van Hau said: “Along with cooperation in Vietnam, Rosneft and other Russian companies continue extending the cooperation with PetroVietnam Oil Corporation on the territory of Russian Federation and consider options of cooperation in third countries”
Currently, Rosneft is involved in projects on producing gas and condensate in two Vietnamese offshore blocks:
*06.11 Rosneft Vietnam B.V. owns 35% in the project, is a project operator; initial gas reserves are about 86 billions cubic meters.
*5.3/11 Rosneft Vietnam B.V. owns 100% in the project, is a project operator; The current resource assessment is 38,4 billion m3 of gas and 39 million tons of gas condensate.
In addition, the Company owns 32.7 % in the pipeline Nam Con Son.