Russia and Vietnam swap stakes in major oil field deal
The Russian enterprise "Zarubezhneft" will transfer 35% of its shares in the Kharyaga oil field project in exchange for 49% in future projects in Vietnam. The agreement is scheduled to be finalized by 2027, and its details have been published on the legal acts portal.
By 2027, the Russian company "Zarubezhneft" will transfer 35% of its shares to the Vietnamese oil and gas company Petrovietnam in the Kharyaga oil field project, according to a report by Kommersant.
The Kharyaga oil field is located in the Nenets Autonomous Okrug, beyond the Arctic Circle.
In return, "Zarubezhneft" will acquire a 49% stake in future projects on the Vietnamese continental shelf. This information is confirmed by a document published on Russia's legal acts portal.
The agreement specifies that "Zarubezhneft" will transfer half of its 70% stake in the Kharyaga project to Petrovietnam.
As a result, Petrovietnam will acquire 35% of the shares. The agreement concerning Kharyaga has been extended until 2050. Responsibility for implementing the agreement lies with the Russian Ministry of Energy and the Vietnamese Ministry of Industry and Trade.
The Kharyaga project, initiated in 1999, is one of the three Russian projects operating under a production-sharing agreement.
In 2022, Norwegian Equinor and French TotalEnergies withdrew from the project, allowing "Zarubezhneft" to increase its control to 90% of the shares. The remaining 10% belongs to the Nenets Oil Company.
