The Vietnam National Oil and Gas Group said it was the outcome of two years’ hard working following the establishment of the Rusvietpetro joint venture and one year’s exploration.

 

In addition to investment in oil well construction and exploration, the joint-venture has built a central oil collection and processing station, installed a system of oil pipes and erected an oil reception and delivery station.

 

The joint venture is ready to embark on industrial-scale production with an expected output of 3,000 tonnes of crude oil a day (about 21,000 barrels a day).

 

Earlier, on December 24, 2008, PetroVietnam signed a deal with Zarubezhneft, in which it holds a 49 percent stake in Rusvietpetro to produce oil from four oil fields in Russia’s autonomous Nenesky region, covering 807 square kilometers.

 

Exploration work has detected 13 oil wells estimated to hold up 95.6 million tonnes of crude.

 

The ceremony to celebrate the first oil flow will take place in Russia on September 30 under the witness of the Vietnam’s Deputy Prime Minister Hoang Trung Hai, representatives from the Vietnam’s Ministries of Industry and Trade, Foreign Affairs.

 

This is a new development in the field of oil and gas exploration between the two countries, making the first success of PetroVietnam in the Federation of Russia.

(CPV)