VN, Russia inked deals on oil and gas exploitation

The deals include a Memorandum of Understanding (MoU) paving the way for Zarubezhneft to jointly explore and tap petroleum in deep-water area offshore Cuba. 

Earlier, PVED had inked a deal with Cupet, a Cuba’s state oil company to conduct exploration activities in three years before working with its Russian partner to exploit gas and oil there.  

According to the MoU, Zarubezhneft and Petrovietnam Exploration Production Corp. (PVEP) under the PVN are two major implementers of the MoU in Cuba.

Besides petroleum cooperation in Cuba, Zarubezhneft and PVN also reached an agreement to drill petroleum in some lots on the southern continental shelf offshore Việt Nam.     

In return, Zarubezhneft pledged to allow PVN provide insurance and risk management services for an oil drilling project in the Nenevski Municipality of Republic of Russia. This is a multi-billion US$ project with the participation of large oil and gas groups from Russia and other countries.

With the contract, PVI becomes the first Vietnamese non-life insurance company to offer such kind of service to a foreign project.

It is reported that Zarubezhneft and PVN have cooperated since 1991 and exploited 180 million tones of crude oil in White Tiger and Dragon fields in Việt Nam.

The newly-signed deals will facilitate their cooperation in a third country./.

By Kim Loan