Rosneft, Petrovietnam sign production agreement on Vietnam shelf


Rosneft, Petrovietnam sign production agreement on Vietnam shelf

MOSCOW -- Rosneft announced a production sharing agreement with Petrovietnam for a block on Vietnam's shelf, the latest in a flurry of energy deals signed between the two countries this week.

Rosneft will take a 35% stake in the project and invest $100 million in geological exploration and drilling at the black, Prime and Interfax news agency cited Rosneft CEO Igor Sechin as saying.

Rosneft has also offered state run Petrovietnam eight blocks in the Pechora Sea in the Russian Arctic, as well as onshore projects in Eastern Siberia, Mr. Sechin was quoted as saying.

Rosneft has signed a number of deals in recent years with international energy firms, including Exxon Mobil to develop its potentially huge, but as yet largely untapped, hydrocarbon resources on its Arctic shelf.

Russia and Vietnam signed deals for three other oil and gas projects during Prime Minister Nguyen Tan Dung's visit to Moscow this week, the Vietnamese government said.

The two governments have pledged to create favorable conditions for their oil joint ventures, and encourage the companies to expand operations in the two countries as well as in other countries.

Dow Jones Newswires

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