OREANDA-NEWS. April 08, 2010. Steady commercial oil production from the joint oil field “Nam Rong – Doi Moi” began.

In 2002 the Oil Contract with regard to the block 09-3 on offshore Vietnam was signed. JSC “Zarubezhneft” (50%), Petrovietnam’s subsidiary – Petrovietnam Exploration and Production Company (PVEP) (35%) and Japan’s company Idemitsu (15%) joined the project as members. Block 09-3 is situated offshore south Vietnam 150 km south of the Ho Chi Minh city and 120 km away from technical support base of the Vung Tau city port.

Following the results of exploration and prospecting works, Joint Operation Company “VRJ – Petroleum Co.” (Vietnam – Russia – Japan), created to carry out works at the block 09-3, announced in January 2008 the commercial discovery of “Doi Moi” oil field.

Taking into account the fact that “Doi Moi” oil field and “Nam Rong” oil field that is within Vietsovpetro’s operation area (block 09-1, with participants: JSC “Zarubezhneft” (50%), “Petrovietnam” (50%)) constitute a single oil field, it was decided to unify them and jointly develop by the participants – JV Vietsovpetro and “VRJ – Petroleum Co.” . JV Vietsovpetro was designated operator of the joint development area. Total volume of oil reserves there is 56 mln. tons.