The Operations of the Joint Venture Vietsovpetro May Be Extended Until the End of the Year 2050
The Government of the Russian Federation has approved a draft protocol introducing amendments to the agreement between the Russian Federation and the Socialist Republic of Vietnam regarding the operation of the joint venture Vietsovpetro, which includes the participation of the Russian oil company Zarubezhneft on the continental shelf of the Socialist Republic of Vietnam, according to a directive issued by the Cabinet of Ministers of the Russian Federation. In particular, the document envisions the extension of operations at one of the offshore blocks in Vietnam until the end of the year 2050.
The draft protocol introduces amendments to the original agreement, extending the operation of the Vietsovpetro joint venture at Block 09-1 from the previous date of December 31, 2033, to December 31, 2050.
The Ministry of Energy of the Russian Federation, with the involvement 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.
The Vietsovpetro joint venture was established in 1981 by the Vietnamese state oil and gas corporation PetroVietnam and the Russian state-owned company Zarubezhneft. At the end of the year 2023, the operation of Vietsovpetro at Block 09-1 was already extended from December 31, 2030, to December 31, 2033. At that time, Zarubezhneft stated that it expected the joint venture to continue operations at least until the year 2045 and that it planned to enter new offshore projects on the Vietnamese continental shelf.
