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Japan has a total oil reserve capacity of 528mn The joint study will involve the creation of
barrels. a 20-year supply and demand forecast for both
Manila sought to team up with JOGMEC on international and domestic oil product demand,
developing the SPR plan after state-owned Phil- as well as a review and 20-year forecast for the
ippine National Oil Corp. (PNOC) said in 2020 country’s petroleum storage sector. The study
that government oil reserves would go towards will also seek to draw inspiration from other
supplying state-run power generation, the pub- countries’ SPR programmes and will look at
lic transport sector as well as consumers in the opportunities for the Philippines to join existing
event of a supply disruption. international oil supply security agreements.™

Zarubezhneft targets

Rosneft assets in Vietnam

PROJECTS & RUSSIAN state-owned oil and gas producer from Block 06.01 and other nearby projects to
COMPANIES Zarubezhneft has agree to buy out its compatriot shore. The pipeline is operated by PetroVietnam
Rosneft’s shareholdings in two offshore projects with a 51% interest, while France’s Perenco has a
in Vietnam, along with a related gas and conden- 16% position.
sate pipeline. In a departure from its previous acquisi-
Zarubezhneft is currently undertaking tion-focused strategy, Rosneft is now looking
due diligence to seal the deal, a Rosneft repre- to rationalise its upstream portfolio in Russia
sentative told Interfax on May 4, with closure and overseas. It is dumping less valuable assets
anticipated in June. The financial details of the in order to improve margins and raise cash for
transaction have not been disclosed. Vostok Oil, the megaproject it is developing in
Rosneft entered Vietnam in 2013 as part of a the Russian Arctic.
broader expansion push overseas. It has a 35% Zarubezhneft has shareholders in a number
operating interest in Vietnam’s Block 06.1, while of offshore projects in Vietnam, namely blocks
India’s ONGC Videsh Ltd (OVL) has a 45% stake 16-1/15, 42, 12/11, 04-3, 04-1, 09-1, 09-3 and
in the block and state-run PetroVietnam a further 09-3/12. The country is already its main focus
20%. The area holds three gas and condensate fields of operations. It also controls assets in Russia’s
– Lan Do, Phong Lan Dai and Lan Tay – situated northern Nenets region.™
some 370 km offshore in the Nam Con Son basin
in waters up to 190 metres deep. Their initial gas
reserves are reckoned at 69bn cubic metres, and
they flowed some 3.2 bcm of commercial gas last
year along with some condensate.
Rosneft’s Vietnamese portfolio also
includes a production-sharing agreement
(PSA) for Block 05.3/11, in close proximity to
06.1. It entered into the PSA in 2013 and has
drilled several exploration wells since, but is
yet to announce any discoveries. That block’s
resources are assessed at 28 bcm of gas and
130mn barrels of condensate.
Rosneft also has a 33% share in the Nam Con
Son pipeline that transports gas and condensate

Week 19 13•May•2021 www. NEWSBASE .com P7