Vietnam and Russia signed an agreement on petroleum exploration in the East Sea

PetroVietnam and Rosneft signed a memorandum of understanding (MoU) on cooperation possibilities conducting joint geological study plots 125 and 126 of Phu Khanh tank on the continental shelf offshore of Vietnam.

Vietnam delegation headed by the Minister of Industry and Trade Vu Huy Hoang attended the plenary session. Then, under the witness of Minister Vu Huy Hoang and Chairman of Russia's Rosneft Group, Mr. Igor Sechin, General Director of Zarubezhneft, Mr. Alexander Kudasov and General Director of PetroVietnam, Mr. Do Van Hau signed a Memorandum of Understanding (MoU) on  the possibility of a cooperation for conducting joint geological study of lots 125 and 126 in Phu Khanh basin, on Vietnam offshore continental shelf.

Minister Vu Huy Hoang, General Director Do Van Hau and Vietnamese officials had a working meeting and exchanging opinions  with General Director Alexander Kudasov and  officials of Zarubezhneft. Minister Vu Huy Hoang also visited the exhibition pavilion of PetroVietnam at the 21th World Petroleum Exhibition, that held in parallel to the Conference.

Taking place every three years, the 21th World Petroleum Conference is conducted in circumstances that oil price in the world climbs to the record high threshold within recent 9 months due to violent situation. The Conference expressed a desire of Western Groups to continue investment in Russia  despite the tensions relating the political crisis in Ukraine.

There over 4,000 delegates attended the conference, including 30 ministers, 400 CEOs and heads of industry organizations from over 80 countries. Among the delegates there is the Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Mr. Abdullah El-Badri and many heads of  Western giant petroleum Groups such as England BP CEO Mr. Bob Dudley, US   Exxon Mobil Chairman Rex Tiller and leaders of other major  petroleum groups of Russia.

The main theme of this conference is "Ensuring responsible energy supply for the developing world". Discussing issues include: traditional and nontraditional oil and gas sources; the financial field; relationship between producers and consumers; environmental security; stable energy ensuring; oil and gas transportation and the petroleum projects in the Arctic.Speaking at the plenary session, Russian Deputy Prime Minister Arkady Dvorkovich stressed: the global energy security has to ensure distributing risks in a balanced way between the energy  exporter and importer.

He also presented a major factors in the " Russia Energy Strategy to 2035", including  oil production increase through the promotion of geological exploration,  new petroleum complexes forming in eastern region, as well as the application of modern technology methods for efficiency increase.

Deputy Prime Minister Dvorkovich noted that, Russia desires to strengthen it’s presence in  Asia-Pacific energy market, as well as maintain the presence in Western market.

Russia plans an investment of more than U.S. $ 1.000 billion in the petroleum sector by 2035.

Translated from VNA