Vietnam produces first Russian oil
PetroVietnam has seen its first oil production from the Visovol oilfield.
Production from the field, a joint venture between OAO Zarubezhneft and Vietnam National Oil and Gas Group (PetroVietnam) - began production at the end of July after construction work was completed on Lot 2 of the field in the Nenets region of Russia.
The new field is the second in the region to start pumping oil, increasing total output to 44,000b/d. OAO and PetroVietnam formed a joint venture, known as Rusvietpetro, to explore the field. The total field, comprising four lots, combines the Rusvietpetro project and the Russian Federation to explore both oil and gas opportunities.
The prospects for the Lot 2 field are estimated at $1.1bn, equating to some 1.5 million tons (11 million barrels) of oil.
Published 22nd August, 2011
