With the purpose of expanding the resource base to ensure further stable growth of hydrocarbon production in the medium and long term, the strategic goal of the Company is conducting exploration activities

The Block 16-1/15 (S=3107 km2) is located in the western part of Cuu Long basin offshore Vietnam in 80 km south-east of Vungtau city, the eastern border of the block is adjacent to the Block 09-1.

The oil and gas occurrence prospects are associated with the Oligocene-Miocene deposits and crystalline basement rocks.

On May 16, 2016, in the framework of the “Block 16-1/15 offshore SRV exploration and development” project a PSA betweenPetrovietnam OGC, JV “Vietsovpetro”, PVEP, BITEXCO and SOVICO was signed with the following distribution of participating interests: JV “Vietsovpetro” – 51%, PVEP – 29%, BITEXCO – 10%, SOVICO – 10%. JV “Vietsovpetro” was nominated to be the operator of the project.

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Zarubezhneft JSC jointly with the Cuban oil and gas corporation Cupet have been implementing the project for integration of the enhanced oil recovery methods at the heavy high-viscosity bituminous oil Boca de Jaruco since 2011.

Currently stage of pilot development of the Formation M is being implemented at the field. The operations at this stage include cyclic steam treatment, production of super-heavy oil and assessment of the steam and thermal methods application.

The new developments and technical solutions of Russian producers as well as the front-end new equipment capable of operating in aggressive environments at high temperatures are engaged in the project implementation which has already positively resulted in flows of heavy high-viscosity oil.