Vietnam-Russia JV to Tap First Ton of Oil in Sept

Rusvietpetro, a joint venture between the state-run Vietnam Oil and Gas Group (PetroVietnam) and Russia’s Zarubezhneft, expects to pump the first ton of crude oil in September.

Rusvietpetro, with PetroVietnam holding a 49% stake and Zarubezhneft 51%, will explore 13 fields in four blocks in Russia’s northern Europe and the Yamal-Nenets Autonomous District.

The fields have total recoverable reserves of around 98 million tons of oil, and are expected to bring in 1.3 million-6.5 million tons of crude oil per year, said Zarubezhneft First Deputy General Director Viktor Gorshenev.

The JV expects an oil output of 200,000 tons through end-2010 and five million tons in 2018, he added.

By early 2010, PetroVietnam had invested a combined US$600 million in 60 oil and gas projects in foreign countries.

Tags: Rusvietpetro

Posted by VBN on Jul 21 2010. Filed under Oil-Gas & Petroleum. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry