Zarubezhneft gets 30% of area off Vietnam

Zarubezhneft JSC, Moscow, has received a 30% participating interest in the production sharing agreement for Block 09-2/09 in the Cuu Long basin offshore Vietnam under one of several agreements signed during meetings among leaders of the Russian and Vietnamese governments.

The interest was carved out of the stake held by PetroVietnam Exploration Production Corporation, which retains a 30% interest. The intergovernmental joint venture Vietsovpetro operates the block with a 40% interest.

Block 09-2/09 covers 992 square kilometre with water depths of 50-70 metres and borders blocks encompassing the oil fields Rang Dong, to the north, and Bach Ho, to the west.

It has yielded two marginal oil discoveries, Kinh Ngu Trang and Kinh Ngu Trang Nam.

Investment in the block is to exceed US$650 million, Zarubezhneft said.

Other agreements covered cooperation between Zarubezhneft and PetroVietnam E&P in oil and gas projects in their respective countries and elsewhere and between Zarubezhneft and T&T Group JSC in renewable energy projects and LPG terminal construction in Vietnam.

Source: Oil & Gas Journal