Sergey Kudryashov met the Chairman of the Board of Directors of Petrovietnam OGC Tran Sy Thanh

On September 30, 2019, Sergey Kudryashov held a meeting with the Chairman of the Board of Directors of Petrovietnam OGC Tran Sy Thanh in the office of Zarubezhneft JSC.

The parties have noted the high performance of joint ventures “Vietsovpetro” and “RUSVIETPETRO” as well as have discussed the prospects of further cooperation.

During the eight months of this year the joint ventures show positive dynamics in terms of all their indicators, such as:

  • JV “Vietsovpetro” has exceeded the planned oil production level by almost 8%, and the natural gas production level was almost 17% over the plan;
  • JC “RUSVIETPETRO” has exceeded the planned oil production level by 2% and anticipates maintaining the production level of 3.1 MM tons by the end of 2019;
  • Joint ventures proceed with consistent efforts to optimize costs and improve efficiency which has positive impact on their activities.

During the meeting the parties have also discussed the directions for joint operations in the area of development of offshore blocks located in Vietnam, including with the outlook after 2030.

For reference
Zarubezhneft JSC and Petrovietnam OGC are the participants of two joint companies – Vietsovpetro and Rusvietpetro. The intergovernmental agreement on the basis of which the joint ventures are operating is valid till 2030.
JV Vietsovpetro was established in 1981. The company obtained its first oil in 1986. The discovery of a high productive oil deposit in the granites of the crystalline basement of the Bach Ho field was a major success of the Russian petroleum experts.
LLC “JC “RUSVIETPETRO” was established in 2008. The company handles the development of 4 blocks of the Central Khoreyver Uplift in the Nenets Autonomous District which includes 13 fields.
Zarubezhneft JSC carries out intense activities in Vietnam both in the petroleum sector and in the new business areas including renewable power sources.