Russia-Vietnam: Strategic Partnership in Oil & Gas Production

[Battle of Bach Dang River]

Latest News:
TNK Vietnam: Started First Gas Production at Lan Do Field Offshore Vietnam
Published October 09, 2012
Dow Jones Newswires

TNK Vietnam, a fully owned subsidiary of TNK-BP, said Tuesday that it has started gas production from Lan Do field in Block 06.1, offshore southern Vietnam.
The field, 360 kilometers off Vung Tau city, is expected to produce 2 billion cubic meters a year, the company said in a statement.
"The development of our offshore fields is of massive significance in terms of TNK-BP's long-term strategic development," Alexander Dodds, Executive Vice President for Upstream, said.
The Lan Do field development started in 2010 and became intensive from the beginning of this year.

http://www.foxbusiness.com/news/2012/10/09/tnk-vietnam-started-first-gas-production-at-lan-do-field-offshore-vietnam/

 

[Battle of Bach Dang River]

The Russian-Vietnamese oil and gas joint venture Vietsovpetro has agreed to extend its cooperation for an additional 20 years.

During the 38th meeting of the joint venture held on Dec. 10 in Vung Tau, the southern coastal province of Ba Ria-Vung Tau, Nguyen Huu Tuyen, Vietsovpetro's general director, said the joint-venture council has completed the paperwork to extend the partnership through 2030.

This is an important step for the Vietnam National Oil and Gas Group and Russian state-controlled oil company Zarubejneft, he said.

The joint venture plans to achieve an annual yield of crude oil of 6 million tonnes, 1.4 billion cubic metres of natural gas and 270,000 tonnes of condensate during the 2011 – 15 period.

With the global crude oil price at 75 USD a barrel, Vietsovpetro leaders expect to earn 19.16 billion USD during the next five years.

According to Vietsovpetro, it will intensify its explorations in the deep water areas and at further offshore areas.

Tuyen said the joint-venture council has approved a project to invest in several mines along Vietnam's continental shelf and explore and exploit several mines in Russia, Myanmar and Tunisia.

It also plans to explore oil at potential offshore areas and increase yield in the areas to 5 million tonnes.

Between 2013 and 2014, the joint venture will operate the Thien Ung, the first deep-water mine in Vietnam, 300km from Vung Tau, at a depth of 110 metres.

This year, the joint venture's production exceeds 6.4 million tonnes with a revenue of 4 billion USD. Of that amount, 2.3 billion USD went to the State budget.

Next year, the joint venture plans to yield more than 6 million tonnes. At least 13 million tonnes of oil will be exploited, with revenue expected at 3.65 billion USD.

During the past 29 years, the JV has met all of its targets and become the leading company in Vietnam's oil and gas sector.

Over those years, Vietsovpetro exploited 190 million tonnes of crude oil, earning 51 billion USD and contributing 33 billion USD to the State budget.

Tuyen said with experienced local and international engineers, VSP will soon exploit crude oil in foreign countries in the next five years./.

http://www.vietsov.com.vn/News/Pages/TheRussian-Vietnamese20years.aspx

 

[Battle of Bach Dang River]

Russian Gazprom teams up with Petro Vietnam in oil and gas exploitation
Updated : 6:17 PM, 06/04/2012

(VOV) - The Russian energy giant Gazprom has signed an agreement with the Vietnam National Oil and Gas Group (Petro Vietnam) to exploit oil and gas in the East Sea.

The signing ceremony took place in Hanoi on April 5 as part of Gazprom Director General Alexey Miller’s visit to Vietnam.

Under the agreement, the Russian RIA Novosti reported that Gazprom will hold 49 percent of the project’s shares, while Petro Vietnam will keep the remainder.

The project will exploit gas from two blocks, 05.2 and 05.3 on the East Sea.

Vietnam located two gas mines: Moc Tinh and Hai Thach in block 05.2 and 05.3 and one oil mine in block 05.2 with total reserves of 55.6 billion cub.m and 25.1 million tonnes of gas.

Gazprom and Petro Vietnam plan to drill 16 wells at depths of 2,000-4,600 m to exploit gas in these plots.

Gazprom and Petro Vietnam signed a strategic partnership agreement on December 15, 2009, under which the two sides agreed to develop wells in Vietnam’s continental shelf.

Earlier in October 2008, they signed an agreement to exploit oil and gas from wells No 129, 130, 131, and 132 for 30 years.

Russian Gazprom teams up with Petro Vietnam in oil and gas exploitation - Russian Gazprom teams up with Petro Vietnam in oil and gas exploitation - VOVNEWS.VN

 

[Hellraiser007]

We welcome Vietnam and Russian strategic partnership

 

[Battle of Bach Dang River]

6 JUNE 2012
Vietgazprom has started exploratory well testing at Bao Vang


Joint Operating Company Vietgazprom has started to carry out tests on the third exploratory well in the Bao Vang field in the central part of Vietnam's continental shelf.

DST equipment has been assembled and lowered into the well in order to test the first objective identified in geophysical studies (geophysical well logging).

Prospecting of the field will enable the company to extract recoverable reserves of hydrocarbons from the prospective beds and to assess well productivity, and also to calculate reserves and to assess gas and condensate resources in the bed.

Reference:

Joint Operating Company Vietgazprom is carrying out exploratory drilling within the scope of the Oil and Gas Contract for Block 112 signed on 11 September 2000 with Gazprom, PetroVietnam Oil and Gas Group, PVEP Exploration Production Corporation and Gazprom zarubezhneftegaz.

An exploratory well in the Bao Vang structure, drilled by Vietgazprom in August 2007, indicated recoverable reserves of gas. There is also gas condensate present in the well stream. This enabled the company to announce the opening of the Bao Vang gas condensate field.
The first and second exploratory wells in Bao Vang were drilled in 2009-2010.

Vietgazprom has started exploratory well testing at Bao Vang | Gazprom International

BTW: Bao Vang = Báo Vàng = The yellow leopard

 

[Battle of Bach Dang River]

PetroVietnam, Zarubezhneft mull third venture
31-Jul-2012 Intellasia | The Moscow Times | 7:01 AM

PetroVietnam and Zarubezhneft are considering a third joint venture that would explore for oil and gas in the Barents Sea, the Vietnamese firm said.

Officials of the two firms discussed the possible new venture at a meeting this week, PetroVietnam said in a statement as Vietnamese President Truong Tan Sang began a visit to Moscow.

The statement gave no further details of the venture.

PetroVietnam and Zarubezhneft have been pumping oil and gas off Vietnam’s southern coast through a 51/49 joint venture, Vietsovpetro, since 1981.

Another venture, Rusvietpetro, has been working in the Nenetsky autonomous district since 2010, and aims to raise its crude oil output by 32.5 percent in 2012 to 2 million tonnes, or 40,160 barrels, per day.

PetroVietnam said late Thursday that the first oil from Rusvietpetro’s third field, West Khosedayuskoye, was expected during Sang’s visit to Russia this week, and the venture’s output would rise to 3 million tonnes in 2013.

Exploration of the remote Barents Sea in the Arctic region has been booming after some recent large discoveries.

Meanwhile, the Russian and Vietnamese governments said in a statement that the countries would continue cooperation in oil and gas exploration and production on the Vietnamese shelf, Interfax reported Friday. The statement was made following negotiations between President Vladimir Putin and Truong Tan Sang.

The statement envisages creating favourable conditions for the work of Vietsovpetro and Rusvietpetro, as well as for the operations of Gazpromviet, Vietgazprom, LUKoil and TNK-BP in Vietnam. Gazpromviet and Vietgazprom are joint ventures of Gazprom and PetroVietnam.

The statement also confirmed Russia’s adherence to the schedule for the launch of nuclear power plants in Vietnam.

themoscowtimes.com

PetroVietnam, Zarubezhneft mull third venture - Intellasia East Asia News

 

[Minjitta]

Oil for military hardware

 

[Parul]

Congratulations to Vietnam

 

[Battle of Bach Dang River]

PVN: To set up one more Oil Exploitation Joint Venture with Russia

Dr. Phung Dinh Thuc, Chairman of Board of Directors from Vietnam National Oil and Gas Group (Petrovietnam) together with Deputy General Directors Nguyen Xuan Son, Nguyen Vu Truong Son and leaders from representatives of PVN in Russia and some expertise boards had some meetings with Russian partners on July 25th.

These are agendas of PVN leaders in their accompaniment of President Truong Tan Sang in his official friendship visit to the Russian Federation following the invitation by President Putin.

Dr. Phung Dinh Thuc has worked with Mr. Brunich N. G. General Director of Zarubezhneft. Two parties have made an assessment on activities of oil and gas exploitation and oil reservoirs of Rusvietpetro Joint Venture, especially the preparation for industrial operation of the third Western Khosedai. Two parties have passed the plan of the first oil flow start-up from this reservoir on the occasion of official visit paid by President Truong Tan Sang to the Russian Federation.

The two parties also discussed on the expansion of working area of Vietsovpetro Joint Venture in the coming time and the possibility of establishing Rusvietshelf Joint Venture, working offshore within Barren Sea in Russian territory.

Within the same day, PVN Chaiman has also visited Rusvietpetro Corporation for a report on production status of reservoirs in Nhenhetxky. Rusvietpetro General Director said the output in 2012 was expected to reach 2 million tons and 3 million tons as planned for 2013.

PVN: To set up one more Oil Exploitation Joint Venture with

 

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Russia, Vietnam to power ahead with O&G cooperation
RBC, 07.11.2012

Russia and Vietnam have agreed to advance their cooperation in the development of offshore oil deposits in both countries during negotiations between Vietnamese Prime Minister Nguyen Tan Dung and Russian Prime Minister Dmitry Medvedev.

The governments of Vietnam and Russia will offer most favored status for ministries, agencies and companies in this area, according to Dung.

Medvedev noted that Russian and Vietnamese companies have made headway in oil and gas cooperation. Russian natural gas producer Gazprom and Vietnamese oil and gas company PetroVietnam are expected to launch new projects in addition to their existing joint ventures. Medvedev also welcome the move by Russian oil majors Lukoil and TNK-BP to enter the Vietnamese market.

Vietnam has agreed to commence negotiations in 2013 on establishing a free trade zone with the Customs Union of Russia, Belarus, and Kazakhstan, Medvedev also said.

As a result of the talks, Russia and Vietnam have signed agreements on cooperation in space and energy efficiency, Medvedev said.

 

[Battle of Bach Dang River]

PM wants stronger oil and gas cooperation with Russia
11/7/2012 5:35:18 PM

(VOV) - Vietnam will continue to create favourable conditions for Russian groups to implement oil and gas cooperation projects on Vietnam’s continental shelf.

Prime Minister Nguyen Tan Dung made the commitment during talks in Hanoi with his visiting Russian counterpart Dmitry Medvedev on October 7. He hgighlighted efforts by Vietnamese-Russian enterprises in exploring and exploiting oil and gas in both countries.

Reaffirming Vietnam’s policy of promoting cooperation with Russia in the energy sector generally and particularly oil and gas, Dung asked the Russian side to assist businesses from both nations to establish enterprises interested in pursuing projects in Russia itself.
The Vietnamese government leader thanked Russian authorities for helping the Vietnamese in Russia integrate into their new society. He said the Vietnamese community will be able to contribute to fostering the bilateral relationship.

For his part, Medvedev said the Russian government and companies will continue to cooperate with Vietnam in exploiting oil and gas on Vietnam’s continental shelf in the future.

PM wants stronger oil and gas cooperation with Russia | VOV Online Newspaper