PetroVietnam is interested in the Arctic – its joint venture with Rosneft to start operation in the Pechora Sea

Rosneft and PetroVietnam have agreed to work together on the Russian shelf: the Vietnamese company will receive 33.3% in the project for the development of sites in the Pechora Sea and will undertake initial investments in geological exploration in the amount of $1.5 billion. According to the Kommersant’s information, PetroVietnam was afraid of the high costs that would be required to work in the Arctic for a long time, but the potential benefits of the project outweighed their fears.

Rosneft and PetroVietnam will create a joint venture for work on the Pechora Sea’s shelf, the Russian company reported yesterday. The joint venture will develop the South Russky and Western Matveevsky sites in the Pechora Sea. Rosneft will receive 66.7% of the joint venture, and PetroVietnam – 33.3%. The geological exploration program provides for the drilling of five exploration wells and seismic survey, the investments at the initial stage will make up $1.5 billion, which will be undertaken by the Vietnamese company.