PetroVietnam has signed new agreements with India's ONGC Videsh, and Russia's Rosneft.
PetroVietnam's new memorandum of understanding with ONGC Videsh extends one previously signed in 2011. The MOU covers the joint exploration of hydrocarbons in Vietnam and India. Under the MOU Petrovietnam has offered five blocks to ONGC Videsh. ONGC Videsh said it would assess these blocks and if they are of interest, it would make a proposal to PetroVietnam as Vietnam is a focus area for the Indian company. The MOU was signed by Mr D.K. Sarraf, CEO and Managing Director, ONGC Videsh; and Mr. Nguyen Vu Truong Son, Vice President, Petrovietnam.
Rosneft and PetroVietnam signed an agreement (pictured, right) on basic terms for geological survey, hydrocarbon exploration and production in the Pechora Sea. The agreement was signed by Igor Sechin, Rosneft President and Chairman of the Management Board, and Dr. Do Van Hau, President and CEO of PetroVietnam. The parties also signed the memorandum of understanding for Rosneft potential acquisition of a stake in the production sharing agreement for Block 15-1/05 offshore Vietnam.
ONGC Videsh has been active in Vietnam since 1988. It holds 45% participating interest in Block 6.1, consisting of the Lan Tay and Lan Do fields. During the year 2012-13, ONGC Videsh's share of gas production from the fields was 2.1 BCM. As of September 30, 2013, the company's cumulative investment in the block was US$415 million.
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