PetroVietnam to Produce Oil and Gas in Russia

The state-owned oil monopoly PetroVietnam group March 3 received a certificate of owning a 49 per cent stake of the Rusvietpetro Joint Venture Company's legal capital from General Director of OAO Zarubezhneft Nikolay Grigoriyevich Brunich, gaining permission to produce oil and gas in Russia and other countries, PetroVietnam's CEO Tran Ngoc Canh said.

 

The certificate awarding ceremony was held on the occasion of a working session between Vietnam’s State Audit and Russian Audit Chamber to review their Vietsovpetro Joint Venture's mutual audit report during 2005-2007 period.

 

Rusvietpetro was set up in Russia and received a license to explore the four blocks from the Russian government before transferring them to PetroVietnam.

 

The aforementioned blocks that include 13 fields with total recoverable reserves of around 80 million tons of oil are expected to bring in 1.3 million-6.5 million tons of crude oil per year.

 

By the start of November 2008, the state-own oil monopoly PetroVietnam poured more than US$226 million into 21 projects overseas, with nearly 90 per cent of the investment going to development and exploitation and the rest to exploration, mainly in Myanmar, Cambodia, Egypt, Tunisia, India, Angola, and Cameroon.

 

The Vietnamese Government has recently issued a decision to encourage local businesses in investing in oil and gas projects aboard. (Youth, News)