The Russian-Vietnamese oil and gas joint venture Vietsovpetro has agreed to extend its cooperation for an additional 20 years.

During the 38th meeting of the joint venture held on Dec. 10 in Vung Tau, the southern coastal province of Ba Ria-Vung Tau, Nguyen Huu Tuyen, Vietsovpetro's general director, said the joint-venture council has completed the paperwork to extend the partnership through 2030.

Under the agreement, Vietnam will contribute 51 percent, and Russia, 49 percent, in charter capital.

This is an important step for the Vietnam National Oil and Gas Group and Russian state-controlled oil company Zarubejneft, he said.

The joint venture plans to achieve an annual yield of crude oil of 6 million tonnes, 1.4 billion cubic metres of natural gas and 270,000 tonnes of condensate during the 2011 – 15 period.

With the global crude oil price at 75 USD a barrel, Vietsovpetro leaders expect to earn 19.16 billion USD during the next five years.

According to Vietsovpetro, it will intensify its explorations in the deep water areas and at further offshore areas.

Tuyen said the joint-venture council has approved a project to invest in several mines along Vietnam's continental shelf and explore and exploit several mines in Russia, Myanmar and Tunisia.

It also plans to explore oil at potential offshore areas and increase yield in the areas to 5 million tonnes.

Between 2013 and 2014, the joint venture will operate the Thien Ung, the first deep-water mine in Vietnam, 300km from Vung Tau, at a depth of 110 metres.

This year, the joint venture's production exceeds 6.4 million tonnes with a revenue of 4 billion USD. Of that amount, 2.3 billion USD went to the State budget.

Next year, the joint venture plans to yield more than 6 million tonnes. At least 13 million tonnes of oil will be exploited, with revenue expected at 3.65 billion USD.

During the past 29 years, the JV has met all of its targets and become the leading company in Vietnam's oil and gas sector.

Over those years, Vietsovpetro exploited 190 million tonnes of crude oil, earning 51 billion USD and contributing 33 billion USD to the State budget.

Tuyen said with experienced local and international engineers, VSP will soon exploit crude oil in foreign countries in the next five years./.