The JV being so successful in its work raised the interest of the world leading oil companies towards the Vietnamese shelf.
The Intergovernmental Agreement on further cooperation within the framework of "Vietsovpetro" JV was signed in July 1991 followed by introducing the principles of self-finance. The authorized fund of the Company was of January 1991 valued at 1,5 billion US dollars, each party's share - 750 million US dollars.
In January 1991 the term of the JV's activity was extended by 20 years.
In the Declaration on Strategic Partnership, signed on March 1, 2001 in Hanoi, both Presidents - President of Vietnam and President of Russia appreciated the effectiveness of the JV "Vietsovpetro" as a base for increasing the scale of cooperation in oil-and-gas field by extending its activity, exploring new deposits of hydrocarbons in the Socialist Republic of Vietnam.
In 2001 in view of the 20-years anniversary the Decree of the Vietnamese President awarded the international staff of "Vietsovpetro" with the supreme award of the country - the Hero of Labour Golden Star of Vietnam.At the end of 2005 cumulative oil production since the begginning of the company's operations reached 150 mln tonnes.
In 2006 JV "Vietsovpetro" celebrated its 25th anniversary. For our country it is still one of the most efficient foreign economic projects.
In 2006 during Russian President’s visit to Vietnam the parties decided to continue joint work on the basis of JV Vietsovpetro to be reorganized in 2010. JCS Zarubezhneft and Petrovietnam Oil and Gas Corporation came to an agreement to establish a new joint venture for developing oil-gas fields in Russia and third countries.
Main results of the JV "Vietsovpetro" activities
- it created one of the best South East Asia bases for construction on land and offshore of technological and satellite rigs for drilling wells and oil and gas production;
- for the purposes of oilfield construction at the White Tiger and Dragon oil fields Vietsovpetro has built the following offshore facilities:
- 12 platforms and 10 block-conductors
- 2 central technological platforms
- 4 water injection facilities for maintaining reservoir pressure
- 2 compressor stations
- 3 float buoyancy points
- 400 km of pipelines
Production capacity provides all the needs of the Enterprise as well as enabling "Vietsovpetro" to render services to foreign companies working in Vietnam.
About 650 highly qualified Russian specialists work at the JV. Within the framework of the JV a Scientific-and-Research Center operates. It is equipped with the most advanced facilities and hardware. 83 Candidates and Doctors of Science work there. During the past years they've accumulated great experience in oil exploration and production on the Vietnamese continental shelf, including the unique discovery and exploration of the oil-field "White Tiger" which contains large oil reserves.
The JV "Vietsovpetro" found successful pioneer decisions to many difficult technical and technological problems in exploration of this oil field. Over 30 major scientific-and- research organizations were engaged in this work: All-Russian Interbranch Scientific Technological Complex "Nefteotdacha", Academician Krylov All-Russian Oil and Gas Scientific Research Institute (VNIIneft), All-Russian Gas Scientific and Research Institute (VNIIgas), VNIPImorneftegas, VNIPIneft, All-Russian Scientific and Research Institute for Drilling Technologies (VNIIBT), All-Russian Scientific Research Oil Institute on Gathering, Treatment and Transportation of Hydrocarbons, VNIPIshelf, Institute for Design and Research in Oil Industry "Giprovostokneft", Central Geophysical Expedition, All-Russian Scientific and Research Geological Oil Institute (VNIGNI), Institute of Geology and Development of Combustible Mineral Resources (IGiRGI), Institute for Design and Research "Vzryvgeophizica" and many others.
Under current circumstances, the two state enterprises from Russia and Vietnam participating in the JV ensure high economic and political effectiveness of the project. Standing on the viewpoint of taking into account each other's interests, mutual respect between the partners, flexible approach to solving industrial problems Zarubezhneft and PetroVetnam managed to achieve non-stop and dynamic development of the JV.
Expanding Vietsovpetro’s area of operations, enhancing its resource base are among the most crucial objectives today. The joint venture is actively seeking to increase its hydrocarbon reserves. In 2000-2001 Blocks 04-3 and 17 were included into its operating area. At present successful exploration drilling operations are being carried out on these two blocks.