Rosneft and PetroVietnam form joint venture
Rosneft and PetroVietnam have reached an agreement to create a joint venture for work on two blocks of the Pechora Sea shelf.
Rosneft’s share in the JV will amount to 66.67%, while PetroVietnam will get 33.33%.
The decision was reached within an agreement on general cooperation for geological exploration, hydrocarbons exploration and production on the Pechora Sea shelf regarding the Yuzhno-Russky and Zapadno-Matveevsky license blocks, signed by the companies in November 2013 within the framework of President Vladimir Putin’s visit to Vietnam.
Overall recoverable reserves from the two blocks are estimated at 367 million t of oil and 64 billion m3 of gas; overall ABC1+C2 recoverable reserves are 13 million t of oil and 52 billion m3 of gas.
The parties noted best practices of mutually beneficial cooperation and strong confidence between the two companies on this Vietnamese shelf. PetroVietnam representatives expressed their readiness to participate in new projects in Russia, and also to assist with the expansion of Russian projects in the Asia-Pacific market.
Image copyright PetroVietnam.
Adapted from press release by Katie Woodward
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/09092014/rosneft-and-petrovietnam-in-jv-agreement-246/
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