Russia Wants More Oil, Gas Exploitation Cooperation with Vietnam
Russia has asked Vietnam to extend the operational duration of their 50/50 oil and gas joint venture, Vietsovpetro, after 2010 when the 30-year contract expires, an industrial official said.
Russian Prime Minister Mikhail Fradkov, during his visit to Vietnam from February 16-17, said Vietsovpetro should be oriented to broader forms of cooperation, including the expansion to new deposits and markets in the Commonwealth of Independent States (CIS).
"Vietnam has received the extension and expansion requests from Russia,” Industry Minister Hoang Trung Hai, said. “The Vietnamese Government has assigned the venture’s management to consider the proposals,” he added.
On his visiting itinerary, Mr. Mikhail Fradkov has visited Ba Ria-Vung Tau Province where Vietsovpetro is headquartered.
Vietsovpetro, a key oil and gas firm in Vietnam, accounts for about 70 per cent of the country's crude output.
The oil and gas joint venture was set up in 1981 and launched crude production in 1986.
Vietsovpetro has pumped over 150 million tons of crude and brought onshore 15 billion cubic meters of gas.
In 2006-2010, the Vietnam-Russian venture plans to produce 37-40 million metric tons of crude and 6.5 billion cubic meters of associated gas, including expectations of 9.6 million tons of crude and 1.2 billion cubic meters of gas in 2006.
Vnexpress
Vietnamese
