Connect with us

South Asia

Vietnam-Russia Enter Into Joint Agreement To Explore Crude Oil in South China Sea

Published

on

Vietnam and Russia have joined hands for crude oil production at the newly discovered site in the South China Sea. Vietnam-Russia joint investment project will offer approximately 1 billion dollars to Vietnam till 2032.

South Africa Vows To Control ‘Organised Maritime Crime’ in the Indian Ocean

The state-owned PetroVietnam Exploration Production named Vietsovpetro and its Russian equivalent acting at an oil field site situated 160 km away from the southern coast of Vietnam.

The oil field is close to Vietnam’s largest oil field named Bach Ho also run by Vietsovpetro. The oil field is located outside the “Nine-Dash Line”, a region which is part of the South China Sea and also claimed by China. The daily yields are estimated at 230 barrels.

Vietnam’s Vietsovpetro owns a 55 percent stake in the field along with PVEP at 30 percent and Bitexco Group, Vietnam’s real estate holds 15 percent stake. As per media reports, this oil field is the first new site of Vietnam discovered after a long period of time.

Vietnam’s Bach Ho first started its operation in the year 1986 and emerged as one of Asia’s leading oil producers. After the rise in production until 2004, the country’s oil production started falling as the production started declining rapidly. That’s the reason for the increase in Vietnam’s crude oil imports.

Currently, Vietnam is planning to discover crude oil in its exclusive economic zone located in the South China Sea where many regions fall under the Chinese regime. This has resulted in the collapse of multiple projects in the South China Sea.

More News at EurAsian Times

Advertisement
Advertisement

Facebook

FEATURED

qatar-saudi qatar-saudi
Featured3 hours ago

Qatar Affirms Its Position On Israel-Palestine Issue; Says Ending Israeli Occupation A Must

Qatar on Sunday said it stands by Palestinians and that the long-standing conflict with Israel should be resolved by addressing...

F-15EX-india F-15EX-india
Featured11 hours ago

No More Rafales! Why Indian Air Force Could Reject Second Batch Of Dassault Rafale Jets?

As the Indian Air Force (IAF) looks to further bolster its aerial fleet after the successful acquisition of French Dassault...

US-CHINA-INDIA-JAPAN US-CHINA-INDIA-JAPAN
Americas15 hours ago

US To Re-Impose Biting UN Sanctions On Iran Despite Global Objections

The US will reimpose biting UN sanctions on Iran that were removed as part of a 2015 nuclear pact struck...

F-35-INDIA F-35-INDIA
Featured17 hours ago

Not J-20s, China Could Field Another ‘Stealth Jet’ To Counter US’ F-35s, Indian Rafales

As tensions boil over Taiwan, the US and China have ramped up efforts in the field of defense innovation as...

army-soldiers army-soldiers
Featured18 hours ago

Amid Afghan Peace Talks, Two Pakistan Army Soldiers Ambushed Near Afghanistan Border

 Two Pakistan Army soldiers were killed on Saturday in a clash with suspected militants near the country’s northwestern border with...

Chinese-Military-Base Chinese-Military-Base
Asia Pacific1 day ago

Is China Threatening To Shoot-Down ‘Civilian Airlines’ Operating Over The South China Sea?

China has warned the US after it flew its ‘spy planes’ over the South China Sea several times electronically disguising...

Demonetization-Narendra-Modi Demonetization-Narendra-Modi
Featured1 day ago

Narendra Modi Second Indian Prime Minister To Win Ig Nobel Prize 2020

Indian Prime Minister Narendra Modi has been awarded the Ig Nobel Prize for 2020 for ‘Medical Education’. The award is...

CPEC-Project CPEC-Project
Featured1 day ago

India vs Pakistan: Why Are India’s COVID-19 Cases Inflating While Pakistan Has Almost Overcome The Pandemic?

While India has literally been brought to its knees by the COVID-19 pandemic with almost 100,000 cases reported daily, the...

Sheikh-Mujibur-Rahman-Movie Sheikh-Mujibur-Rahman-Movie
Featured1 day ago

India, Bangladesh, Agree To Enhance Border Patrol, Curb Border Killings

India and Bangladesh on Saturday agreed to launch joint border patrols to curb killings and crimes. in the border region....

INDIAN-ARMY INDIAN-ARMY
Featured1 day ago

Has The Indian Army Captured ‘Pious’ Mount Kailash From China?

An image of the Indian Army soldiers near the sacred Mount Kailash is being shared on social media which is...

Advertisement