The Joint Venture Rusvietpetro May Receive Five Oil and Gas Blocks in the Nenets Autonomous Okrug
The Russian-Vietnamese joint venture Rusvietpetro may receive five oil and gas subsoil plots in the Nenets Autonomous Okrug of the Russian Federation, in accordance with the protocol introducing amendments to the intergovernmental agreement between the Russian Federation and the Socialist Republic of Vietnam on the operation of the joint venture. This information is outlined in a directive issued by the Government of the Russian Federation.
The participants in the Rusvietpetro joint venture are the Russian state-owned company Zarubezhneft and the Vietnamese state-owned company PetroVietnam. Rusvietpetro is currently engaged in the development of oil fieldsin the territory of the Nenets Autonomous Okrug of the Russian Federation.
According to the directive, the Cabinet of Ministers of the Russian Federation has approved the draft protocol introducing amendments to the intergovernmental agreement. The Ministry of Energy of the Russian Federation, with the participation of the Ministry of Foreign Affairs of the Russian Federation, has been instructed to conduct negotiations with the Socialist Republic of Vietnam and to sign the protocol on behalf of the Government of the Russian Federation.
As stated in the draft protocol, the Russian Federation guarantees that, within three months from the date of request, the licenses for five subsoil plots in the Nenets Autonomous Okrug will be reissued in favor of the joint venture Rusvietpetro. These subsoil plots are:
Lydushorsky
Musyurshorsky
Shorsandiveysky
Lydushor-Shorsandiveysky
Severo-Yareyyaginsky
At present, the licenses for these plots are held by the company ZN Sever, which is a subsidiary of Zarubezhneft.
In addition, the protocol includes a provision to extend the term of the joint venture’s operations from December 31, 2033, to December 31, 2050.
