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Rosneft, PetroVietnam to establish joint ventures to prospect for oil in Pechora Sea

September 05, 2014, 18:48 UTC+3 MOSCOW

The stake of Rosneft in the JV will be 66.67% and that of PetroVietnam 33.33%

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MOSCOW, September 05. /ITAR-TASS/. Rosneft and PetroVietnam have agreed to establish joint ventures (JV) for operation in two sectors of the shelf of the Pechora Sea. Investments in prospecting are tentatively estimated at $1.5 billion, a Rosneft announcement says.

The stake of Rosneft in the JV will be 66.67% and that of PetroVietnam 33.33%.

The accord has been reached under the agreement on main terms for cooperation in geological study, prospecting for and production of hydrocarbon fuel on the shelf of the Pechora Sea in the Yuzhno-Russkiy and Western Matveyevskoye license sectors. The two companies signed the agreement on November 12, 2013, during Russian President Vladimir Putin's visit to Vietnam.

The overall extractable resources in the two sectors are estimated at 367 million tonnes of oil and 64 billion cubic metres of gas; those in ABC1+C2 category 13 million tonnes of oil, and 52 billion cubic metres of gas. The programme for geological prospecting in the two sectors presupposes drilling of five exploratory wells and the conduct of seismic survey.

Rosneft currently participates in projects to produce gas and condensate in two blocks on the shelf of Vietnam. The Rosneft Pipeline B.V. Company also owns 32.7% in the "Nam Con Son Pipeline" project which transports hydrocarbon fuel from the Nam Con Son oil and gas bearing area to the shore energy production facilities.

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