Vietnam

Vietnam has been a priority in Zarubezhneft’s business for more than 40 years. In 1981, as a result of the conclusion between the governments of the USSR and the SRV of the Agreement on cooperation in the area of exploration and production of oil and gas on the continental shelf of southern Vietnam, a joint venture (JV) Vietsovpetro (VSP) was created.

Currently, VSP operates in accordance with the new Agreement between the Socialist Republic of Vietnam and the Russian Federation on further cooperation in the area of geological exploration and production of oil and gas, concluded on December 27, 2010, valid until December 31, 2030.

The joint venture carries out production on the continental shelf of the Socialist Republic of Vietnam in the area of Vungtau city. The largest fields developed by JV Vietsovpetro are White Tiger and Dragon of Block 09-1. In recent years, the enterprise has significantly expanded its activities in the prospecting, exploration and production of oil and gas to a number of other Blocks of the continental shelf of Vietnam and has achieved significant results. Thus, in 2016, the Thien Ung oil and gas condensate field was put into development at Block 04-3, and in 2019 the promising Beluga field was commissioned (Block 09-3/12). In 2020, the functions of the operator of Block 09-2/09 were transferred to VSP.

The oil-bearing capacity of Block 16-1/15, located in the western part of the Cuu Long Basin of the Vietnamese continental shelf, 80 km southeast of Vungtau city and adjacent to Block 09-1, and Block 12/11, which is located 350 km to the south-east of Vungtau city, have also been confirmed.

Thanks to its capabilities and unique experience, JV Vietsovpetro provides high-quality services to Vietnamese and international partners — from laboratory research to design, manufacture and installation of offshore oil and gas facilities.

Zarubezhneft EP Vietnam, despite becoming one of the subsidiaries of Zarubezhneft quite recently, in 2021, has already managed to acquire a strategically significant role for the Group of Companies in building a gas cluster in Southeast Asia as the operator of the anchor asset — Block 06.1. The creation of a cluster in Southeast Asia will be an important step for Zarubezhneft in building an investment portfolio with a focus on gas projects that meet the modern challenges of decarbonization and reducing the carbon footprint. At the initial stage, the cluster will include the Nam Con Son gas pipeline, Blocks 06.1, 12/11 and 11-2 located on the Vietnamese shelf, as well as the Indonesian Tuna Block.