Russia-Vietnam Joint Venture – Vietsovpetro was established on June 19th, 1981 upon the Intergovernmental Agreements signed S.R Vietnam and the Soviet Union in 1981, to co-operate in petroleum exploration and production on the Southern continental shelf of Vietnam. Since 1993, Russian Federation took over the Russian Committee’s rights and responsibilities in Vietsovpetro. Vietsovpetro is currently operating under the Intergovernmental Agreement between S.R. Vietnam and Russian Federation signed on December 27th, 2010 to continue the co-operation in the petroleum exploration and production in Vietnam.
VSP’s Core Businesses include conducting scientific research, exploration drilling, field development engineering, producing – gathering – processing oil, gas and condensate in Block 09-1. Provide technical and petroleum-related services to clients in Vietnam, Russian Federations and third-party countries.
After over 35 years of constant development, VSP now consists of 15 subsidiaries and Project Management Divisions, who employed over 7.000 international certified scientific researcher, technicians, managers and highly-skilled labors, capable to conduct all petroleum exploration and production activities in Vietnam and South-east Asia.
With remarkable achievements, Vietsovpetro is now recognized as the most effective and efficient venture in the field of petroleum exploration and production in Vietnam, considered a great contributor to the economy of Vietnam, and awarded the Hero of Labour title in New age, Ho Chi Minh and Gold Star Order by Vietnamese Government.