OREANDA-NEWS. January 22, 2013. In Vung Tau City (Vietnam) the 41st Meeting of "Vietsovpetro" Joint Venture Committee was held.

The Russian side of the Committee was represented by the Head of the Russian part of the Committee, General Director of "Zarubezhneft" JSC N.Brunich, State Secretary – Deputy Minister of Energy of the Russian Federation Y.Sentyurin, First Deputy General Director of "Zarubezhneft" JSC S.Kudryashov, First Deputy General Director of "Vietsovpetro" JV A.Patrushev. Honorable guests were present at the meeting: Extraordinary and Plenipotentiary Ambassador of the Russian Federation in SRV A.Kovtun, Consul General of the Russian Federation in Ho Chi Minh City A.Borovik, Trade Representative of the Russian Federation in SRV M.Golikov.

After considering the results of the joint venture for the 10 month of 2012 and expected implementation of the plan 2012 the Committee noted that during the reference period "Vietsovpetro" JV produced 5 093,6 thousand tons of oil.

On August 25th, 2012 the development of Bach Gao field has begun, cumulative oil production from the field amounted to 19 452 tons or 0,4% of total production of the JV for 10 months of current year.

Expected oil production in the year 2012 in general for "Vietsovpetro" JV is 6 110 thousand tons, including:

from Bach Ho field – 4 397 thousand tons;

from Rong Field – 1 502 thousand tons;

from Nam Rong – Doi Moi field – 149 thousand tons;

from Bach Gao field – 62 thousand tons

Committee approved oil production plan for the year 2013 in amount of 5 400 thousand tons.

Committee also approved prospecting and exploratory drilling plan for the Block 09-1 for the year 2013 in the volume of 18 440 meters, plan of geological/recoverable reserves increase in the volume of 14,9/4,2 million tons of equivalent fuel, production drilling plan for the year 2013 in the volume of 87 600 meters, of which 47 570 meters to be performed by own resources, 40 030 meters by contractors.

According to the decisions of 39th and 40th meetings of the Committee of "Vietsovpetro" JV during the year 2012 the work on expansion of sphere of JV`s activities had been continued.

Committee made the decision to continue exploration and geotechnical investigation in the new blocks 04-1, 16-2, 09/3-12. Geology and geophysics evidences for the Block 122 offshore SRV are being considered and feasibility study of this block development is being prepared. Signing of the PSA for Block 42 offshore SRV is being prepared. Production Sharing Contract and Agreement on operator activity for Block 12/11 have been signed on the day of the Committee Meeting.

JV plans to continue studies on prospects of the blocks and tenders on Blocks in SRV and other countries.

Other issues of production, financial and economic aspects of activity of "Vietsovpetro" JV have been considered.

Upon completion of the 41st Meeting of "Vietsovpetro" JV Committee heads of "Zarubezhneft" JSC and "Petrovietnam" OGC N.Brunich and Do Van Hau signed the Minutes of the Meeting.