Vietnam - Russia cooperation on petroleum exploitation in the Arctic

Vietnam - Russia cooperation on petroleum exploitation in the Arctic - 

According to an information from the Russian National Energy Corporation (Rosneft), Rosneft and PetroVietnam have established two Joint Venture Projects on petroleum exploration and exploitation on the continental shelf of Pechora Sea, in the Arctic.

The location of Pechora Sea nearly the Arctic, where Rosneft and PetroVietnam will exploit oil and gas.

In a statement on its website, Rosneft said: "Rosneft and PetroVietnam have reached an agreement to establish a joint venture to operate in two areas on the continental shelf of the Pechora Sea. The petroleum reserve in this areas is evaluated about 367 million tons of oil and 64 billion cubic meters of gas."

"Both sides have had experiences in petroleum exploration, exploitation a good relationship, common benefit and high mutual reliability" the statement affirmed.

Pechora Sea is located in the north of Russia, under the Arctic Ocean - a territorial waters of the Arctic.

An information from Russia Information Agency (RIA) showered, the total initial investment cost of the project is estimated at $ 1,5 billion, the 2/3 of which is Rosneft share and 1/3 is PV one. According to Rosneft, the Vietnam side has expressed its availability to participate in the new projects in Russia and promote projects of Russia on Asian – Pacific market, as well.

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