Vietnam plays the prioritized role in the activities of Zarubezhneft JSC. The most effective project of Zarubezhneft is JV Vietsovpetro, that was established in 1981. in accordance with the Intergovernmental Agreement on a parity basis with Oil and Gas Corporation Petrovietnam.

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.