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Russia's Rosneft agrees on cooperation with PetroVietnam

May 16, 18:10 UTC+3 MOSCOW
The deal was signed by Rosneft CEO Igor Sechin and PetroVietnam CEO Nguyen Quoc Khanh in the presence of Russian Prime Minister Dmitry Medvedev and his Vietnamese counterpart Nguyen Xuan Phuc
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PetroVietnam President & CEO Nguyen Quoc Khanh and Rosneft CEO Igor Sechin

PetroVietnam President & CEO Nguyen Quoc Khanh and Rosneft CEO Igor Sechin

© Dmitry Astakhov/Russian Government Press Office/TASS

MOSCOW, May 16. /TASS/. Russian state-owned oil company Rosneft and the Vietnamese oil and gas corporation PetroVietnam have signed an agreement on cooperation.

The document was signed by Rosneft CEO Igor Sechin and PetroVietnam President & CEO Nguyen Quoc Khanh in the presence of Russian Prime Minister Dmitry Medvedev and his Vietnamese counterpart Nguyen Xuan Phuc.

Following the talks between the two prime ministers the parties also signed a production sharing agreement (PSA) between PetroVietnam and Vietsovpetro (a joint venture between Russia’s Zarubezhneft (49%) and PetroVietnam (51%)), PetroVietnam Exploration Production Corporation (PVEP), Bitexco Corporation and Sovico on development of block 16-1/15 on the coastal shelf of Vietnam.

According to Zarubezhneft, Vietsovpetro will take over the functions of the operator and its share will be 51%. The share of PVEP will be 29%, Bitexco and Sovico will have 10% each.

The PSA has been signed for 30 years.

The project is implemented in two stages. The first stage which lasts for first three years includes seismic exploration on the area of ··1500 sq. km and drilling of two exploration wells.

The second stage, will last two years and includes selective explorations and drilling of one appraisal well. The minimum investment in the project will amount to about $50 mln.

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