OREANDA-NEWS. On 19 August 2009 was announced, that in Vung Tau City a celebration was held on occasion of awarding the Vietnamese-Russian Joint Venture "Vietsovpetro" the highest award of the Socialist Republic of Vietnam - "Ho Chi Minh Order", the 28th anniversary of the Intergovernmental agreement on the foundation of JV "Vietsovpetro" and the production of 180th million ton of oil.

Among the guests of the awarding ceremony were Nguen Minh Triet, President of the Socialist Republic of Vietnam; Hoang Trung Hai, Deputy Prime-Minister of SRV; S.Svetlitckiy, Deputy Minister of energy of the Russian Federation; V. Serafimov, Ambassador extraordinary and plenipotentiary of the Russian Federation in SRV; N.Ubushiev, Consul General of the Russian Federation in Ho Chi Minh; Principals of Ba Ria-Vung

Tau province, heads of some ministries and departments; Oil and Gas Corporation "Petrovietnam" , JSC "Zarubezhneft" , JV "Vietsovpetro", joint venture personnel, veterans of the Vietnam’s oil and gas industry.

The speakers noticed that over the last 28 years "Vietsovpetro" became multifunctional, highly effective company. Nowdays JV is a leader in the sphere of economics of Vietnam, a backbone enterprise of Vietnamese oil and gas industry.

Just after its foundation in 1981 JV started to create its material and technical basis for exploration and production of oil and gas on the continental shelf of Vietnam. As a result of exploration drilling in May, 1984 it was received the first commercial inflow at the field "White Tiger". In June, 1986 the first ton of oil was produced and in May, 1987 a very important event, which changed all previous points of view on the oil and gas prospects in Vietnam took place - the discovery of an oil deposit in the fractured grounds of the base at the field "White Tiger". This discovery enabled to boost oil and gas reserves and output and also served as an impulse for the foreign investments into the oil and gas industry of the country. In the end of December, 1988 the first million tons of oil was produced and on the 9th of June of 2009 JV produced 180th million ton. If one adds to this amount 20 milliard cubic meters of associated gas it will turn out that by now "Vietsovpetro" produced 200 million tons of raw hydrocarbons on the shelf of Vietnam.

Many warm words were said at this festive day to the multinational team of JV "Vietsovpetro" that consists of many thousand oilmen. Company workers do their hard job shoulder to shoulder at the offshore oil platforms in the severe environment of tropical climate, providing production activity. Close operating cooperation, mutual help and understanding between Russian and Vietnamese experts became as the years went by to the real friendship that certainly allow them to achieve significant results.

Accumulated productive potential of JV "Vietsovpetro", unique experience of offshore exploration under the difficult geological conditions, political decision of Russian and Vietnamese leadership served as a basis for further development of the joint venture, expansion and diversification of its activity with the participation of JSC "Zarubezhneft" and Oil and Gas Corporation "Petrovietnam".

During the ceremony a number of basic documents were signed by the representatives of JSC "Zarubezhneft" that significantly widens the sphere of operation of the company in Vietnam. In particular, Contracts for Blocks 04-1, 04-3 of the continental shelf of Vietnam, Unitization Agreement and Joint Development Agreement of the “Nam Rong – Doi Moi” field, Construction Agreement for a second generation biobutanol plant.

Through the speeches of the President of SRV and Vice-premier of SRV threaded the theme of further development of the JV "Vietsovpetro", widening of its sphere of operation and strengthening of the Russian - Vietnamese cooperation not only in traditional fields of interaction but in modern perspective production with using of innovative technologies.

Taking into account merits of the joint venture in the development and strengthening of SRV national economy, "Vietsovpetro" by Presidential edict was awarded the highest award of Vietnam - "Ho Chi Minh Order". A number of "Vietsovpetro" and "Petrovietnam" experts were distinguished by high government decorations and the certificates of merit of the Ministry of Industry and Trade. The General Director of JSC "Zarubezhneft" N.G.Brunich and First Deputy General Director V.S.Gorshenev were awarded “First Class Order of Labour”.