Zarubezhneft and Petrovietnam to form subsidiary for operations in Russia's offshore
USINSK. July 29 (Interfax) - Zarubezhneft and Vietnam's national oil company Petrovietnam plan to form a special subsidiary, which might carry out geological exploration and section development in Russia's offshore zone, the head of the Russian company, Nikolai Brunich, told journalist son Friday.
"We are planning to take part in tenders and auctions for a field in the Barents Sea with our established partner Petrovietnam. For this, we'll likely have to form a new company but this is for the future," he said.
Brunich said that Petrovietnam might be the main partner in the company for the development of new sections. "We have a strategic investor, this is Petrovietnam. We also have plans to take them on as partners if we get licenses for Russian offshore [development]," he said
Petrovietnam's CEO, Phung Dinh Thuc, said that the company plans to form the joint venture Rusvietshelf. "We are in negotiations for the creation of the Rusvietshelf Group for the geological exploration of the Barents Sea," he said.
He added that Petrovietnam is looking into joint operations with Zarubezhneft for projects in Iraq, Cuba and Venezuela. "Petrovietnam has fields, which means there is an opportunity for partnership," he said.
It was earlier reported that Zarubezhneft right receive the right for offshore operations by hooking up with Arktikmorneftegazrazvedka. The company has also filed an application with Russia's subsoil agency (Rosnedra) for developing the Fedinskoye section in the Barents Sea. The company's management has said that it will develop this section with foreign investors. Possible foreign partners include Norway's Statoil and France's Total.
Furthermore, Zarubezhneft has shown interest in the Tyulenoye section in the Caspian Sea.