VietsovPetro, a Russian-Vietnamese joint venture, agreed on December 10 to extend its cooperation for 20 years until 2030, further deepening bilateral energy relations between the two countries.
The current agreement on the joint venture is due to expire at the end of this year.
Vietsovpetro is currently 50:50 owned by Russia's state-run Zarubezhneft and Vietnam's state-owned PetroVietnam, but under the new arrangement, PetroVietnam will hold a 51% stake in the joint venture with the Russian company holding 49%, VietsovPetro's general manager Nguyen Huu Tuyen said December 13 on a government website.
Vietsovpetro is mostly active offshore southern Vietnam, but also has projects in Tunisia and Myanmar.
In August this year, Russian gas giant Gazprom and PetroVietnam held discussions on the possibility of cooperation in the gas giant's development program for East Siberia and the Russian Far East.
This was followed by a deal between TNK-BP and PetroVietnam in September on supplies of 100,000 mt/month of Russia's ESPO crude to Vietnam over 12 months starting from November. TNK-BP and PetroVietnam also agreed to set up a joint venture to expand cooperation in upstream and downstream markets.
VietsovPetro's crude oil production is expected to reach 6.4 million mt (47 million barrels) in 2010, equal to around 42.67% of Vietnam's total expected crude oil output for the year, according to PetroVietnam's statistics.
The joint venture's total revenue in 2010 is expected at $3.99 billion, higher than last year's $3.19 billion, although this year's output is slightly below last year's 6.5 million mt.
For the next five years (2011-2015), the joint venture has set a goal of maintaining annual production at no less than 6 million mt of crude, 1.4 billion cu m of gas and 270,000 mt of condensate with total expected revenue of $19.16 billion, Tuyen said.
The joint venture has also decided to invest in numerous oilfields in Vietnam's continental shelf. It will also cooperate with PetroVietnam Exploration and Production, the upstream arm of PetroVietnam, on oil and gas exploration and production overseas, Tuyen said.
The current agreement on the joint venture is due to expire at the end of this year.
Vietsovpetro is currently 50:50 owned by Russia's state-run Zarubezhneft and Vietnam's state-owned PetroVietnam, but under the new arrangement, PetroVietnam will hold a 51% stake in the joint venture with the Russian company holding 49%, VietsovPetro's general manager Nguyen Huu Tuyen said December 13 on a government website.
Vietsovpetro is mostly active offshore southern Vietnam, but also has projects in Tunisia and Myanmar.
In August this year, Russian gas giant Gazprom and PetroVietnam held discussions on the possibility of cooperation in the gas giant's development program for East Siberia and the Russian Far East.
This was followed by a deal between TNK-BP and PetroVietnam in September on supplies of 100,000 mt/month of Russia's ESPO crude to Vietnam over 12 months starting from November. TNK-BP and PetroVietnam also agreed to set up a joint venture to expand cooperation in upstream and downstream markets.
VietsovPetro's crude oil production is expected to reach 6.4 million mt (47 million barrels) in 2010, equal to around 42.67% of Vietnam's total expected crude oil output for the year, according to PetroVietnam's statistics.
The joint venture's total revenue in 2010 is expected at $3.99 billion, higher than last year's $3.19 billion, although this year's output is slightly below last year's 6.5 million mt.
For the next five years (2011-2015), the joint venture has set a goal of maintaining annual production at no less than 6 million mt of crude, 1.4 billion cu m of gas and 270,000 mt of condensate with total expected revenue of $19.16 billion, Tuyen said.
The joint venture has also decided to invest in numerous oilfields in Vietnam's continental shelf. It will also cooperate with PetroVietnam Exploration and Production, the upstream arm of PetroVietnam, on oil and gas exploration and production overseas, Tuyen said.
