Vietsovpetro to Start Pumping Oil in Russia This Month
Vietsovpetro, a joint venture of PetroVietnam and Russia's Zarubezhneft, is planning to start producing oil in the Nenetsia autonomous region of northern Russia within this month, the Vietnam News Agency reported, citing the JV’s sources.
Vietsovpetro plans to drill 13 oil wells between 2009 and 2010 in a bid to produce 500,000 tons of crude oil by the end of 2010 and two million tons in 2011.
Formed in July 2008 with PetroVietnam holding a 51 per cent stake, the joint venture is taking some drastic measures in an effort to produce 6.4 million tons of crude oil by 2020.
PetroVietnam has a strategy to seek investment opportunities in Central and Latin America, where it already clinched cooperation agreements with national oil companies of Peru, Nicaragua, Bolivia, and Argentina.
The group has so far 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. (VNA)
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