On July 28, 2020, PVEP, Vietsovpetro and Zarubzhneft organized the Ceremony of Transferring Operatorship of Block 09-2/09 and Signing Joint Operating Agreements (JOA) in Vung Tau City.

Attending the event were Dr. Tran Hong Nam, PVEP Chairman of the Board; Dr. Tran Quoc Viet, President & CEO; Mr. Denis Nenastev - Deputy Chief Representative of Zarubezhneft in Vung Tau; Dr. Nguyen Quynh Lam, General Director of Vietsovpetro, Mr. Bondarenko V.A, First Deputy General Director, and other representatives from all Parties.

Overview of the Event

Speaking at the opening, Dr. Nguyen Quynh Lam - General Director of Vietsovpetro thanked the efforts of all Parties to have this signing ceremony. Dr. Lam asserted that Vietsovpetro is honored to continue operating Block 09-2/09, with the resources of equipment and people, Vietsovpetro committed to operate effectively, bring back benefit to all involved.

Dr. Nguyen Quynh Lam – General Director of Vietsovpetro

Over the past time, Vietsovpetro and Partners have had a lot of cooperation, through many projects such as 09/3-12 Ca Tam Field; Dr. Lam hopes that the relationship between involved parties and mutual respect will help the Parties to make quick and effective decisions based on the highest economic benefits. In the coming time, with long-term cooperation, Vietsovpetro wants PVEP to continue to consider and create favorable conditions for participating in other projects, share risks and finance.

PVEP Chairman Tran Hong Nam speaks at the event

Giving speech at the Ceremony, Dr. Tran Hong Nam - Chairman of PVEP highly appreciated the good cooperation between PVEP and partners participating in the project, he believes that the new contractors will bring more success than expected, bringing the oil production as planned at a low cost, ensuring benefits for the parties involved, increase oil and gas production for PetroVietnam. On behalf of PVEP, Chairman Tran Hong Nam congratulated the new contractors of PSC Block 09-2/09, wished Vietsovpetro - the new Operator of the project will drive the Block to new successes, safe and effective operation.

For Zarubezhneft, Mr. Denis Nenastev was happy to share: The agreement on the transfer of participation of PVEP in Block 09-2/09 has become a reality after the participation of Vietsovpetro and Zarubezhneft since May 2019, within the official visit to the Russian Federation of Prime Minister Nguyen Xuan Phuc. This is an important milestone for the project, as it allows Vietsovpetro to expand its operation area as well as allow contractors to quickly participate in production activities.

Mr. Dennis Nenastev – Deputy Representative of Zarubezhneft in Vung Tau

Mr. Denis Nenastev emphasized that, at the moment, when the world is facing the Covid pandemic, when all petroleum corporations are suffering from severe crises, we still believe that with the valuable experience of long-term friendship and good cooperation between the two countries, will help overcome all difficulties, successfully completing all production tasks, especially the production and operation of new fields at Block 09-2/09.

Dr. Tran Hong Nam gives Investment Certificate to Vietsovpetro and Zarubezhneft

Dr. Tran Quoc Viet and Dr. Nguyen Quynh Lam sign the Agreement

Block 09-2/09 has entered phase 2, exploration and production will end on August 20th 2020. A volume of surveying - geological - geophysical work was completed, drilling 9 appraisal wells. The result is that two oil reserves have been discovered, namely Kinh Ngu Trang and Kinh Ngu Trang Nam. These two fields have oil reserves up to 28.3 million tons and 10.2 billion m3 of gas.

Mr. Pham Xuan Son, Vietsovpetro Deputy General Director give souvenirs to all Parties of Block 09-2/09