Russo-Vietnamese oil joint venture begins operation

RusVietpetro, a joint venture between the Russian company Zarubezhneft and the Vietnam National Oil and Gas Group (PetroVietnam), will exploit oil in the Nenets Autonomous district on northern Russia from May this year, planning to drill 13 oil wells in 2009 and 2010.

The joint venture is expected to extract 500,000 tonnes of crude oil by the end of 2010 and raise its output to two million tonnes in 2011. It plans to connect its oil fields to Russia’s industrial system for oil exploitation in October 2010.

RusVietpetro, which was established in July 2008 with PetroVietnam holding a 51 percent stake and Zarubezhneft the rest, is predicted to turn out a maximum output of 6.4 million tonnes of crude oil by 2020.

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