25 May 2004 12:15
Vietsovpetro to invest $2 bln in reconstruction, development by 2007
MOSCOW. May 25 (Interfax) - The Russian-Vietnamese joint venture Vietsovpetro is looking to invest $2 billion before
2007 in developing infrastructure and rebuilding facilities for extracting oil and gas, Zarubezhneft, the company
representing Russia in Vietsovpetro, told Interfax.
In efforts to increase proven reserves in the area where the joint
venture is operating, a new unit was switched on at the DaiBang
Vietnam is represented in the joint venture by the state-owned oil and gas corporation Petrovietnam.
facility. Field seismic materials have been processed, data has been analyzed and a prospective well has been located
at this unit.
is hoping to find considerable amounts of oil. One search well has
already been made and the second one is under construction,
In 2003, Vietsovpetro produced 13.12 million tonnes of oil, which is 380,000 tonnes less than in the previous year. A
considerable part of this oil was extracted from the White Tiger oil field.
For the past four years, Zarubezhneft has paid over $500 million annually to the Russian budget.
Zarubezhneft is currently working as part of the Russian- Vietnamese consortium VRJ-Petroleum Co. on the new unit
09-3, where it
Zarubezhneft said.
Zarubezhneft has a 50% stake in the project, Petrovietnam 35% and Japan's Idemitsu 15%.
Oil extracted from the 09-3 unit is expected to go to countries in Asia and the Pacific, including Japan, Singapore,
China and Australia. [RU EEU EUROPE ASIA EMRG JP ENR VN] av aw <>
[Interfax] |
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