ZARUBEZHNEFT, a Russian State-controlled oil company based in Moscow, and PetroVietnam Exploration Production Corporation (PVEP) signed a memorandum of understanding (MoU) on June 30.

The two companies will co-operate in developing off-shore oil opportunities in Moscow.

Under the MoU, the two sides intend to create favourable conditions for each other to continue studying and developing small oil reservoirs of block 09-2/09 in Cuu Long sediment basin, about 160km east off the southern province of Ba Ria-Vung Tau.

ZARUBEZHNEFT specialises in exploration, development and operation of oil and gas fields outside the Russian territory. Meanwhile, PVEP is the upstream arm of Vietnam Oil and Gas Group (PetroVietnam), conducting the core business of exploration and production.

The signing was part of the Vietnamese President Tran Dai Quang’s official visit to Russia from June 28 to July 1, on the invitation of Russian President Vladimir Putin and Prime Minister Dmitri Medvedev. — VNS