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Vietnam, Russia sign deals on further oil and gas exploitation

Vietnam and Russia signed an inter-governmental agreement on further geological survey and oil and gas exploitation in Russia within the framework of the Vietnam-Russia oil and gas joint venture Rusvietpetro at a ceremony in Hanoi on April 20.

At the signing ceremony (Source: VNA)


Hanoi (VNA) – Vietnam and Russia signed an inter-governmental agreement on further geological survey and oil and gas exploitation in Russia within the framework of the Vietnam-Russia oil and gas joint venture Rusvietpetro at a ceremony in Hanoi on April 20.

The two sides also inked a protocol amending the inter-governmental agreement dated December 27, 2010 on continued cooperation in geological survey and oil and gas exploitation in Vietnam’s continental shelf by Vietsovpetro.

Addressing the event, Minister of Industry and Trade Tran Tuan Anh said the signing of the two documents reflects Vietnam and Russia’s policy of giving priority to developing bilateral cooperation on oil and gas energy.

Russian Deputy Minister of Energy Sentyurin Yuri Petrovich spoke highly of the Vietsovpetro and Rusvietpetro, considering them as a symbol of the traditional and strategic ties between Vietnam and Russia.

Both Rusvietpetro and Vietsovpetro are joint ventures between the Vietnam National Oil and Gas Group (PetroVietnam) and the Zarubezhneft oil company of Russia.

Established on June 19, 1981, Vietsovpetro has tapped 220 million tonnes of crude oil, raking in over 74 billion USD and contributing nearly 47 billion USD to the State budget.

As of December 31, 2015, Rusvietpetro, which was formed on December 15, 2009, pumped over 13 million tonnes of crude oil, earning more than 5 billion USD, said General Director of the Directorate of Energy Dang Hung Cuong.

VNA

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