A joint venture between PetroVietnam and the Russian oil group of Zarubezhneft has pumped the first crude oil from well in Russia’s autonomous Nenesky region, PetroVietnam has announced.
The Vietnamese oil giant said it was the outcome of two years’ hard working following the establishment of the Rusvietpetro joint venture and one year’s exploration.
In addition to investment in oil well construction and exploration, the joint-venture has built a central oil collection and processing station, installed a system of oil pipes and erected an oil reception and delivery station.
The joint venture is ready to embark on industrial-scale production with an expected output of 3,000 tons of crude a day (equivalent to 21,000 barrels a day).
PetroVietnam signed a deal with Zarubezhneft on December 24, 2008, under which it holds a 49 percent stake in Rusvietpetro to produce oil from four oil fields in Russia’s autonomous Nenesky region.
Exploration work has detected 13 oil wells estimated to hold up 95.6 million tons of crude.
The ceremony to celebrate the first oil flow will take place in Russia on September 30.