Friday, September 14, 2007

Russian & Vietnamese oil exploration JV to hit oil in 2009

Vietsov Petro (VSP), an oil and gas joint venture between Viet Nam and Russia, said it will start tapping oil at the Nam Rong-Doi Moi and Southern Central Rong oilfields in 2009.

At present, VSP and the Viet Nam-Russia-Japan Oil and Gas Company (VRJ) are boosting investment in the Nam Rong-Doi Moi oilfield which is estimated to hold 57 million cu.m of crude oil. The oilfield was discovered in 2005-2006.

In 2006, the company also found the Southern Central Rong oilfield which is estimated to be capable of providing more than 100,000 tonnes of crude oil per year.

The discoveries of the oilfields showed that the Rong area contains large oil reserves, which is expected to help maintain VSP’s oil output in the context that oil volume from Viet Nam’s largest oilfield, Bach Ho, is decreasing.

The company plans to turn out nearly 8.7 million tonnes of crude oil in 2007 and 7.1 million tonnes in 2008. Its outputs for 2009 and 2010 are estimated at 6.1 million tonnes and 5.2 million tonnes, respectively.