PVN and Zarubezhneft deliberated cooperation in developing the West Yereagin field project in Russia

Within the framework of the recent business trip to the Russian Federation of the Vietnam Oil and Gas Group (PVN), the leaders of Russia Petroleum Company Zarubezhneft and PVN deliberated the cooperation to invest in developing the West Yereagin Oil field project (Russia).

At the meeting, Mr. Kydryashov – General Director of Zarubezhneft informed about the strategic orientations of Zarubezhneft in cooperation with PVN, including new fields as digital transition, large database system development and renewable energy (RE).

Regarding the activities of the Vietsovpetro Joint Venture, the Zarubezhneft leadership representative at the Vietsovpetro Joint Venture reported on the preparation for the upcoming 54th Joint Venture Council Session and the implementation of oil and gas projects within the activities of Vietsovpetro and Zarubezhneft in the continental shelf of Vietnam.

At the meeting

Speaking at the meeting, Mr. Le Ngoc Son – Vice CEO of PVN expressed agreements on the preparation for the 54th Vietsovpetro Council Session and production plan of Vietsovpetro in 2022. Regarding the activities of the Rusvietpetro Joint Venture, Mr. Kydryashov expressed his wish to expand the activities of Joint Venture to invest in developing Russia West Yereagin field, and affirmed that the Russian side will support PVN to soon complete the procedures related to this project.

Regarding PVN’s cooperation activities in the Russian Federation, Mr. Son said that he will actively work with Vietnamese competent authorities to soon receive an overseas investment license for the Russian West Yereagin project.

At the working meeting the two sides discussed about RE development in Vietnam, especially in developing the floating solar and offshore wind power projects. Currently, Zarubezhneft is actively working with Vietnamese competent authorities to receive approval for the projects included into the list of power projects in the Power Development Planning VIII.

At the end of the meeting, Dr. Le Manh Hung – PVN CEO summarized the major tasks in cooperation between PVN and Zarubezhneft, with the following specific contents:

1/ Expanding the legal framework, time limit and mechanism for the activities of the two parties.

2/ The need to adjust the mechanism for the operation of the Vietsovpetro Joint Venture, especially when the Intergovernmental Agreement on the Joint Venture will end in 2030.

3/ Expanding the active area of Vietsovpetro and Rusvietpetro when the exploitation output in the two joint ventures should pass the peak.

4/ Supporting the ideas of Zarubezhneft in the cooperation for RE development.