Rosneft and PetroVietnam announced they will set up a joint venture to develop two oil field blocks in the Pechora Sea in Russia’s Arctic, Reuters reported on 5 September 2014.
According to the report, Rosneft will hold 66.67% interest in the JV.
The new venture follows a pact between the two companies signed in November, which agreed to terms for geological surveys and hydrocarbon exploration on the Pechora Sea in the Yuzhno-Russky and Zapadno-Matveevsky license blocks. In exchange for that agreement, Rosneft would be allowed to pick up a stake in the production sharing agreement for the Block 15-1/05 offshore Vietnam.
Elsewhere in Russia, representatives from PetroVietnam and Gazprom met to reaffirm their commitments to further develop the Moc Tinh and Hai Thach fields. Gazprom said that both fields would reach full capacity by 2016.
Commercial gas production from the Moc Tinh and Hai Thach fields offshore Vietnam began October 2013. According to Gazprom, the fields have recoverable gas and condensate reserves of approximately 35.9 billion cu m and 15.2 million tons, respectively.
Image: PetroVietnam's Nguyen Xuan Son / Photo by Gazprom.