The PetroVietnam has since its establishment in 1977 gained offshore experiences in the South China Sea, but has no experience whatsoever from Arctic waters.

The deal comes as the Gazprom and its subsidiary Gazprom-Neft are increasingy sqeezed by western sanctions.

According to the Russian company, the PetroVietnam will get a significant share of the oil field with resources estimated to 140 million tons. The Dolginskoye stretches like a 90 km long colon through central parts of the Pechora Sea. It is located not fra away from the Prirazlomnoye field, Russia’s first offshore Arctic field put in production.

The deal states that ”exclusive negotiations about a possible exploration and development cooperation in the Dolginskoye project” will be started and that a subsequent second deal is planned signed by late May 2015. That follow-up agreement will specify conditions and the project ownership stake, a press release informs.

”PetroVietnam will get access to all necessary information about the field, and Gazprom Neft will in the course of the next six months not enter into negotiations about possible joint project operations with third parties”, the Russian company says.

PetroVietnam has long worked with Russian partners, among them Gazprom, Zarubezhneft and Rosneft. The Russian companies are active on the Vietnamese shelf and PetroVietnam has a stake in Russian tundra projects in the Timan-Pechora province.

Information published at http://barentsobserver.com/en
← Back