Rosneft Vietnam and Japan Drilling have inked an agreement for drilling offshore exploration wells in Vietnam.
Under the agreed terms, the companies will use the Hakuryu-5 marine drilling rig for the exploration wells in Rosneft’s projects in Vietnam.
The companies will drill two wells in blocks 06.1 and 05-3/11 in the Nam Con Son basin offshore Vietnam in 2016.
Rosneft management board chairman Igor Sechin said: "We have always welcomed participation of high technology partners from Japan in implementation of the Company’s projects.
"Despite the difficult macroeconomic situation, today we are expanding our cooperation in the area of exploration and production of hydrocarbons by executing contracts not only in Russia, but also in Asia Pacific."
Rosneft said that the implementation of drilling works at both blocks simultaneously will ensure synergy between the two projects.
The blocks 06.1 and 05-3/11 are 35% and 100% owned by Rosneft Vietnam respectively.
The company also has 32.67% equity in the Nam Con Son Pipeline that transports gas and condensate from four offshore blocks in the Nam Con Son basin to power complex onshore.
Rosneft is the operator of the block 06.1, and operates as part of a production sharing contract (PSC). The PSC area comprises two gas condensate fields.
The block 05-3/11 has an estimated hydrocarbon potential of 40 billion cubic meters of gas and 9 million tons of gas condensate.