Russia, Vietnam likely to extend operations of Vietsovpetro joint venture until 2045

VOV.VN - Both Russia and Vietnam are in the process of discussing an extension of the operations for joint venture Vietsovpetro until 2045, with the intergovernmental agreement providing the basis for the joint venture's future activities in terms of oil and gas exploitation.

Sergey Kudryashov, general director of Zarubezhneft, revealed that the firm has initiated plans to expand the area of activity and participate in new effective projects on the shelf of Vietnam, adding that it has already begun negotiations with the Vietnamese side as it seeks to extend the intergovernmental agreement until 2045.

The Vietsovpetro joint venture was established in 1981 within the framework of the co-operation agreement between the nation and the former Soviet Union in the field of oil and gas exploration in the southern Vietnam regions.

Over the past 40 years, Vietsovpetro has gone on to drill 644 wells and produced 240 million tonnes of oil, with the venture accounting for 30% of the country’s overall crude output.

The intergovernmental agreement on oil and gas exploitation was signed back in 2010 and is valid until 2030, a move which is expected to provide the basis for ensuring the operation of Vietsovpetro joint venture and another joint venture between both nations in the future, namely Rusvietpetro.

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