Rosneft and Vietnam's PetroVietnam have signed a cooperation agreement setting out the expansion of cooperation around oil and gas exploration, including offshore, between the parties in Russia, Vietnam and elsewhere.
The agreement also covers processing, commerce and logistics, as well as staff training. The parties agreed to consider potential options for joint projects and define the basic terms of cooperation as well as establish a working group for each of the areas of cooperation.
Rosneft CEO Igor Sechin said: "Successfully working with PetroVietnam in the exploration and production of hydrocarbons in Vietnamese offshore, Rosneft is interested in further expansion of its business in the country, including refining, petrochemicals, commerce and logistics. The new stage of cooperation will enable the company to get a new channel of marketing hydrocarbons in the Asia-Pacific market and create additional synergies due to refining in the region."
Rosneft and PetroVietnam are currently involved in gas and condensate production and exploration offshore Vietnam (Block 06.1) where Rosneft is the operator. The project is based on a Production Sharing Agreement (PSA) comprising two gas condensate fields – Lan Tay and Lan Do. The fields are 370km off the coast in the Nam Con Son basin in up 190m water depth. Initial gas in place is about 66 billion cu m. Since the fields’ development start about 50 Bcm of gas have been produced.
Rosneft and PetroVietnam also have stakes in the Nam Con Son pipeline, which will transport gas and condensate from the Nam Con Son offshore basin blocks to an onshore power generation facility.
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