Rosneft, PetroVietnam in Pechora Sea JV

Rosneft and PetroVietnam Oil and Gas Group have reached an agreement to create joint ventures for work at two blocks of the Pechora Sea shelf.

Rosneft share in the JV will amount to 66.67%, and PetroVietnam will get 33.33%.

The agreements were reached within the Agreement on general cooperation for geological exploration, hydrocarbons exploration and production on the Pechora Sea shelf regarding Yuzhno-Russky and Zapadno-Matveevsky license blocks signed by the companies 12 November 2013 within the framework of President of the Russian Federation Vladimir Putin visit to Vietnam.

Overall recoverable reserves from the two blocks are estimated at 367 million tons of oil and 64 billion cubic meters of gas; overall ABC1+C2 recoverable reserves are 13 million tons of oil and 52 billion cubic meters of gas. Geological Prospecting and Exploration in compliance with license commitments regarding the two blocks requires drilling of 5 exploration wells and seismic survey, and is provisionally estimated at 1.5 billion dollars.

The parties particularly noted best practices of mutually beneficial cooperation and strong confidence between the companies on the shelf of Vietnam. PetroVietnam representatives expressed their readiness to participate in new projects in Russia, and also to assist expansion of Russian projects on the Asian-Pacific Region market.

Related: Rosneft, PetroVietnam discuss offshore projects

Press Release, September 08, 2014

Share this article

Follow Offshore Energy Today

Events>

<< Nov 2018 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 1 2

OSEA2018 International Conference

The OSEA International Conference is regarded as one of the preferred knowledge exchange platforms in the region and with over 18,000…

read more >

IMCA Annual Seminar

The focus of this year’s seminar is on the industry finding new strategies and ways of working in today’s…

read more >

Mauritanides 2018

Mauritanides (11-13 Dec 2018) is the foremost and largest event for companies seeking to invest in the Mining…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply