Celebrations in Moscow mark Vietnamese - Russian joint venture extracting 10 million tons of oil.
The Rusvietpetro Joint Venture has celebrated pumping out its 10 millionth ton of oil.
Yesterday in Moscow State President Truong Tan Sang congratulated Vietnam's national oil and gas group of Vietnam, PetroVietnam, and joined Russia's Zarubezhnef group in the celebrations.
A joint venture between PetroVietnam and Zarubezhnef, Rusvietpetro was granted a 25-year investment license in December 2008, with the two holding 49 per cent and 51 per cent, respectively.
Its exploration area spans some 807 sq km in the Central Khorei Ver section of Russia's Nenets autonomous district, where it is currently developing 13 fields with reserves of 95.6 million tons of oil. Some difficulties have been encountered, however, stemming from the local geology. The fields feature very complex collectors and a high water cut, and as a result the production plateau for the project has been reduced to 3 million tons from the original 5 million tons.
At the ceremony commemorating its 10 millionth ton, President Sang awarded a Third-Class Labor Medal and the Medal of Friendship to leaders at Zarubezhneft.
The Russian Federation's Ministry of Energy also presented a Medal of Friendship to Mr. Nguyen Xuan Son, Chairman of PetroVietnam, The Petroleum Man Title to Mr. Nguyen Vu Truong Son, Deputy CEO of PetroVietnam, and a Certificate of Merit to Mr. Vu Van Nghiem, Head of PetroVietnam's Investment and Development Department.