Vietnamese, Russian oil firms eye Cuban waters

Two oil companies from Vietnam and Russia are hoping to win approval from Cuba to begin drilling offshore in the tiny Caribbean island-nation.

PetroVietnam and Zarubezhneft, Friday signed a memorandum of understanding in Hanoi to conduct explorations in Cuban waters.

The two firms are also looking at extending oil explorations at new oilfields in the southern continental shelf of Vietnam. The two state-runs have had a successful partnership in Vietnam through the White Tiger and Dragon oilfields which have produced 180 million tons since 1991.

PVN’s subsidiary company – PetroVietnam Insurance – will also provide insurance and consultancy services to an oil exploration project in Russia, which is partly owned by Zarubezhneft.

vietnews, vietnamplus

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