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Vietnam, Russia Sign Oil Exploration Deals - Vietnam Briefing News

Aug. 31 – Russia’s oldest oil and gas company, Zarubezhneft Joint Stock Company and Vietnam Oil and Gas Group have inked two deals to explore Vietnamese and Cuban waters for oil, according to a company statement.

The first deal will allow Zarubezhneft and Vietnam Oil and Gas to developed offshore oil blocks in southern Vietnamese waters while in the second deal, the Russian company and the subsidiary, PetroVietnam Exploration and Production Corporation (PVEP) will partner in looking for oil and gas exploration in offshore blocks in Cuba.

PVEP had already been involved in foreign oil deals, signing a three-year oil and gas exploration deal with Cuban state oil company Cubapetroleo in 2007.

Thanh Nien News reports that PetroVietnam Joint Stock Insurance Corporation also signed an insurance consulting contract with Rusvietpetro, a joint venture company between PetroVietnam and Zarubezhneft, for an oil and gas project in offshore blocks in Russia’s Nenevski area.