News Room - Business/Economics

Posted on 02 Sep 2009

Vietnam, Russia ink oil exploration deals

Vietnam Oil and Gas Group and Russia’s Zarubezhneft Joint Stock Company signed agreements Friday to jointly explore Vietnamese and Cuban waters for oil, the local company said in a statement.

 

According to the statement, the first of the two deals will pair Zarubezhneft with Vietnam Oil and Gas, or PetroVietnam, in developing offshore oil blocks in southern Vietnamese waters.

 

PetroVietnam Exploration and Production Corporation (PVEP), a PVN subsidiary, signed the second agreement with the Russian company to cooperate in oil and gas exploration in deep-water offshore blocks in Cuba.

 

In June 2007, PVEP signed a three-year oil and gas exploration deal with Cuban state oil company Cupet, or Cubapetroleo.

 

Also on Friday, PetroVietnam Joint Stock Insurance Corporation (PVI) signed an insurance consulting contract with Rusvietpetro Company for an oil and gas project in offshore blocks 1,2,3,4 in Russia’s autonomous Nenevski area.

 

Rusvietpetro is a joint venture between PVN and Zarubezhneft founded in 2008.

 

Established in 1967, Zarubezhneft is Russia’s oldest company in the oil and gas industry.