Vietnam and Russia Enhance Cooperation in Oil and Gas Exploration

Moscow, The Gulf Observer: A delegation from the Petrovietnam Exploration Production Corporation (PVEP), led by Chairman of the PVEP Members Council Tran Quoc Viet, held a working session with their counterparts at Russia’s Zarubezhneft JSC to explore potential cooperation areas. The Vietnamese delegation commended the technical capabilities of Zarubezhneft and its affiliated petroleum research institute, VNIINeft. Tran Quoc Viet highlighted the significant potential for future joint projects between PVEP and VNIINeft, noting the latter’s history of supplying products to Vietnam.

Vyacheslav Terentyev, Deputy Director General for Business Development at Zarubezhneft, presented the company’s new strategic directions, including geothermal energy, import substitution, and digital transformation. During the event, a memorandum of understanding was signed between VNIINeft and PVEP’s technical center (PVEP – ITC), formalizing their cooperation opportunities.

On the same day, the PVEP delegation also met with leaders of RusVietPetro, the most successful overseas oil and gas joint venture of the Vietnam Oil and Gas Group (Petrovietnam). RusVietPetro produces approximately 3 million tonnes of oil annually, significantly contributing to Vietnam’s foreign exchange earnings.