TNK-BP, a joint venture between British oil giant BP and the Russian AAR consortium, is considering the creation of other joint ventures with the Vietnamese state oil group PetroVietnam, TNK-BP Vice-President of International Projects and Upstream Chris Einchcomb said on Monday.
Einchcomb said the company hoped to determine the format of cooperation between the two firms, which were also discussing joint geological exploration in Russia and Vietnam, in 2012.
He also said that TNK Vietnam, a subsidiary of Russia’s third largest oil producer, would bid in a tender to be held by PetroVietnam to develop 9 offshore oil and gas blocks. Bids will close on December 9 and winners will be announced in January.
Hugh Mackintosh, general director of TNK-Vietnam, TNK-BP’s wholly-owned subsidiary, said the company wanted to double production in Vietnam to some 34,000 barrels of oil equivalent a day within 5 years by both acquiring assets and creating joint ventures.
Einchcomb also said TNK-BP planned to boost annual investments in exploration in Russia and abroad to $700-800 million in the next 5 years.
TNK-BP plans to close a deal to buy a 45 percent stake in the oil and gas project in the Solimoes Basin in Brazil in the next three months, Einchcomb added.
