Russia-Vietnam Joint Venture – Vietsovpetro was established on June 19th, 1981 upon the Intergovernmental Agreements signed S.R Vietnam and the Soviet Union in 1981, to co-operate in petroleum exploration and production on the Southern continental shelf of Vietnam. Since 1993, Russian Federation took over the Russian Committee’s rights and responsibilities in Vietsovpetro. Vietsovpetro is currently operating under the Intergovernmental Agreement between S.R. Vietnam and Russian Federation signed on December 27th, 2010 to continue the co-operation in the petroleum exploration and production in Vietnam.
VSP’s Core Businesses include conducting scientific research, exploration drilling, field development engineering, producing – gathering – processing oil, gas and condensate in Block 09-1. Provide technical and petroleum-related services to clients in Vietnam, Russian Federations and third-party countries.
After 35 years of constant development, VSP now consists of 15 subsidiaries and Project Management Divisions, who employed over 7.000 international certified scientific researcher, technicians, managers and highly-skilled labors, capable to conduct all petroleum exploration and production activities in Vietnam and South-east Asia.
Since its establishment, Vietsovpetro has conducted more than 115.000 kilometers of 2D seismic survey, over 100.000 square-kilometers of 3D seismic survey, reassess the entire Block 09-1 in advanced 3D/4C seismic technology, drilled over 500 exploration and production wells for oil and gas; discovered 09 oil-fields and 01 gas-field with commercial value and rich oil and gas compositions. White Tiger field, in particular, was discovered with huge oil-reserves and a major concentration of oil and gas in the granite-basement reservoir, a very rare phenomenon in the world.
Offshore, at Block 09-1, Vietsovpetro has developed and is currently producing oil and gas from five (05) oilfields include: White Tiger, Dragon, White Bear, White Rabbit and South Dragon – Turtoise. Vietsovpetro has drilled nearly 450 exploration and production wells, constructed a combination of 50 offshore projects to support oil and gas production activities, including 13 fixed platforms, 20 wellhead platforms, 02 central processing platforms, 03 gas compression platform, 02 water-injection platforms to maintain reservoir pressure, 03 FSOs and dozens of other auxiliary works. All constructions are integrated into a continuous technological systems through hundreds of kilometers of cables and 750 kilometers of inter-connected infield subsea pipes.
Onshore, VSP has built a completely integrated onshore service-base to support offshore petroleum exploration and production activities. Drilling fleet includes 04 Jack-up Rigs and 02 Mobile Well Work-over Unit. Marine spread includes 30 Vessels of all type, a complete onshore-base with a 1,400-meters dock-length enough for two (02) 1.000 MT Vessels and an offloading capacity of 03-million tons per year.
By April 2016, Vietsovpetro has exploited over 220-million tons of crude-oil, gathered and transported back-to-shore over 30-billion cubic-meters of gas, produced over 75-billion USD in turnover, of which 47-billion USD is returned back to State Budget and Vietnamese profits.
With these achievements, Vietsovpetro is now recognized as the most effective and efficient venture in the field of petroleum exploration and production in Vietnam, considered a great contributor to the economy of Vietnam, and awarded the Hero of Labour title in New age, Ho Chi Minh and Gold Star Order by Vietnamese Government.