Russia's Rosneft, PetroVietnam ink $1.5 bln JV for Pechora Sea

MOSCOW, Sep 5 (PRIME) -- Russian state-owned oil major Rosneft and PetroVietnam signed an agreement to set up a U.S. $1.5 billion joint venture to explore two sites in the Pechora Sea, the company said in a statement Friday.

Rosneft’s stake in the venture will amount to 66.67%, while PetroVietnam will own 33.33%.

Joint recoverable resources of the Yuzhno-Russky and Zapadno-Matveyevsky deposits stand at 367 million tonnes of oil and 64 billion cubic meters of gas, while joint recoverable reserves of the sites amount to 13 million tonnes of oil and 52 billion cubic meters of gas under ABC1 and C2 categories.

Currently Rosneft participates in the gas and condensate production on two blocks of Vietnam’s shelf, while its unit Rosneft Pipeline B.V. owns 32.7% in the Nam Con Son pipeline in the country.

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