Vietnam’s “treasure” that the corporation is eager to exploit is Lot 12/11 (adjacent to Lot 11-2). This is with regards to the Zarubezhneft Group.
On May 10, immediately after the talks between General Secretary To Lam and Russian President Vladimir Putin, an important cooperation agreement between the two countries was signed. Notably, energy and oil and gas remain a key area of cooperation between the two nations.
At the ceremony, witnessed by General Secretary To Lam and President Putin, Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son and Russian Deputy Prime Minister Dmitry Chernyshenko exchanged cooperation agreements in the oil and gas sector and protocols on the operations of joint ventures between the two countries: Vietsovpetro and Rusvietpetro.
Petrovietnam Chairman of the Board Le Manh Hung and Zarubezhneft General Director Sergey Kudryashov signed the Natural Gas Sales Contract from Lot 12/11 between Petrovietnam, Zarubezhneft, and PV GAS. Photo: VNA
Simultaneously, Chairman of the National Oil and Gas Group of Vietnam (Petrovietnam) Le Manh Hung and Zarubezhneft General Director Sergey Kudryashov signed a contract for the sale of natural gas from Lot 12/11 between Petrovietnam, Zarubezhneft, and Vietnam National Gas Corporation – Joint Stock Company (PV GAS).
Prior to this, on April 21, 2025, a high-level delegation from Zarubezhneft EP Vietnam (ZNEP) and the Oil and Gas Exploration and Production Corporation (PVEP) visited the Rong Doi rig, part of the Lot 11-2 project. This area is one of Petrovietnam’s key gas and condensate production zones. This visit not only demonstrated the operators’ close attention to production activities but also prepared for important development strategies in 2025 and beyond.
In reality, the output from the two existing mines, Rong Doi and Rong Doi Tay, is declining faster than expected. Therefore, the Lot 11-2 operator and PVEP, as a participant, are actively seeking technical, economic, and commercial solutions to mitigate economic impacts, such as exploratory drilling/appraisal drilling to increase output, sharing the capacity of the exploitation system with Lot 12/11 to optimize costs and efficiency for the participants and the host country.
Lot 12/11 (adjacent to Lot 11-2) has discovered the Swan-Gull gas field, and the operator ZNEP has developed a mine development plan to prepare for its exploitation.
Taking advantage of the ready-to-use system, geographical proximity, and Lot 12/11’s oil and gas potential, the contractors of Lot 11-2, Lot 12/11, and Petrovietnam explored opportunities to connect the two projects to optimize costs from 2018 to 2019.
In reality, Lot 11-2 is located in the southwestern part of the Nam Con Son Basin, offshore Vietnam, about 320 km southeast of Vung Tau city. The Lot 11-2 Production Sharing Contract was signed on May 19, 1992, and is valid until 2034, with the participants being Zarubezhneft EP Vietnam (holding 75%, as the Lot Operator) and PVEP (holding 25%, participating on behalf of Petrovietnam).
Currently, the Rong Doi – Rong Doi Tay mine cluster is operating within the contract area. Notably, the total output of the Rong Doi – Rong Doi Tay mine from first gas to December 2024 was 612.32 billion cubic meters of gas and 16.89 million barrels of condensate. In 2024, the total output of the Rong Doi – Rong Doi Tay mine was 11.96 billion cubic meters of gas and 0.29 million barrels of condensate.
Russia’s Leading Oil and Gas Group
General Secretary To Lam (R) receives Sergey Kudryashov, General Director of Zarubezhneft, on May 11. Photo: VNA
Zarubezhneft (established in 1967) is currently Russia’s state-owned oil and gas company, operating in the fields of oil and gas exploration and production in Russia and other countries such as Cuba, Uzbekistan, Indonesia, Egypt, Bosnia and Herzegovina. With over 40 years of experience, Zarubezhneft has successfully collaborated with Petrovietnam through the Vietsovpetro joint venture, established in 1981, in geological exploration and oil and gas production, creating jobs and contributing to the revenue of both countries.
In Vietnam, Zarubezhneft is a contractor participating in several large oil and gas contracts, such as Lot 09-2/09, Lot 09-1 (Vietsovpetro), and Lot 04-3, and is preparing to develop the Swan-Gull mine, Lot 12/11. In 2024, Zarubezhneft officially took over the operation of Lot 11-2 (with a 75% participation rate) from the Korean contractor consortium (KNOC). This played a crucial role in developing and connecting Lots 11-2 and 12/11 through the signing of a Framework Agreement for connection, optimizing costs, and exploiting the oil and gas potential of the two lots.
On the morning of May 11 (local time), during a meeting with General Secretary To Lam, the General Director of Zarubezhneft stated that the corporation is collaborating with Petrovietnam to implement oil and gas exploitation projects on Vietnam’s continental shelf and in Russia. He also affirmed that the cooperation projects are being effectively coordinated by both parties.
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