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Vietsovpetro extends co-operation

The Russian-Vietnamese oil and gas joint venture Vietsovpetro has agreed to extend its co-operation for an additional 20 years.

During the 38th meeting of the joint venture held last Friday in Vung Tau, Nguyen Huu Tuyen, Vietsovpetro’s general director, said the joint-venture council had completed the paperwork to extend the partnership through 2030.

Under the agreement, Viet Nam will contribute 51 per cent, and Russia, 49 per cent, in charter capital.

This was an important step for the Viet Nam National Oil and Gas Group and Russian state-controlled oil company Zarubejneft, he said.

The joint venture plans to achieve an annual yield of crude oil of 6 million tonnes, 1.4 billion cubic metres of natural gas and 270,000 tonnes of condensate during the 2011 – 15 period.

With the global crude oil price at US$75 a barrel, Vietsovpetro leaders expect to earn $19.16 billion during the next five years.

According to Vietsovpetro, it will intensify its explorations in the deep water areas and at further offshore areas.

Tuyen said the joint-venture council had approved a project to invest in several mines along Viet Nam’s continental shelf and explore and exploit several mines in Russia, Myanmar and Tunisia.

It also planned to explore oil at potential offshore areas and increase yield in the areas to 5 million tonnes.

Between 2013 and 2014, the joint venture would operate the Thien Ung, the first deep-water mine in Viet Nam, 300km from Vung Tau, at a depth of 110 metres.

This year, the joint venture’s production exceeded 6.4 million tonnes with a revenue of $4 billion. Of that amount, $2.3 billion went to the State budget.

Next year, the joint venture plans to yield more than 6 million tonnes. At least 13 million tonnes of oil will be exploited, with revenue expected at $3.65 billion.

During the 2006–10 period, the JV produced crude oil of 1.14 million tonnes and earned $23.2 billion.

Revenue for Viet Nam was $15.5 billion, and for Russia, $3.56 billion.

During the past 29 years, the JV has met all of its targets and become the leading company in Viet Nam’s oil and gas sector.

Over those years, Vietsovpetro exploited 190 million tonnes of crude oil, earning $51 billion and contributing $33 billion to the State budget.

Tuyen said with experienced local and international engineers, VSP would soon exploit crude oil in foreign countries in the next five years.

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