Geologic exploration

The Company’s strategic goal is to ensure stable growth in hydrocarbon production in the medium and long term through geological exploration and by expanding the hydrocarbon resources portfolio.

In 2020, the Company conducted geological exploration at sites in Vietnam and Russia.

During the reporting year, construction was completed on six offshore exploration wells in Vietnam, one well in the Nenets Autonomous Area, and one well in the Khanty-Mansi Autonomous Area.

EXPLORATION DRILLING, thousand m

Total exploration drilling in 2020 amounted to 23,000 meters. The primary goal was to designate structures containing undrilled reserves at active field s and recognize inferred reserves at new blocks.

PRIMARY RESULTS OF EXPLORATION DRILLING IN 2020
Project, operator Site Legal form and participating interest Project results in 2020
Vietnam

Block 09-1

JV Vietsovpetro

Shelf Intergovernmental agreement between Petrovietnam Oil and Gas Corporation (51%) and Zarubezhneft JSC (49%) Five exploration wells were drilled. Geological exploration performed at the White Tiger and Dragon fields. This work resulted in 2P category reserves increasing by 3,945,000 toe as of December 31, 2020.

Block 09-3/12

JV Vietsovpetro

Shelf Oil and gas contract between JV Vietsovpetro (55%), PVEP (30%), and Bitexo (15%) Testing was completed at CT-7X well in the Ca-Tam structure. 2P category reserves increased by 1,136,000 toe.

Block 16-1/15

JV Vietsovpetro

Shelf Oil and gas contract between JV Vietsovpietro (49%), PVEP (29%), Bitexo (10%), and Sovico (10%) Drilling was completed on the 2nd exploration well at the Soi Vang (Golden Wolf) structure, and the 1st unit was tested in 2020. At the start of 2021, commercial oil flows were obtained at 4 units of Well SV-1X based on the testing results. 2P category reserves are expected to grow by 1,773,000 toe.
Egypt
EGZ Project Shelf Concession between Zarubezhneft JSC (25%), VEGA (25%), and GANOPE (50%) Drilling started on the 1st prospecting well ADAM-B-1X, which is expected to be completed in 2021.
Russian Federation

PYUSEYSKOYE

JC RUSVIETPETRO LLC

Onshore Intergovernmental agreement between Petrovietnam Oil and Gas Corporation (49%) and Zarubezhneft JSC (51%) Construction on an exploration well was completed, and reserves increased by 275,000 toe.

Salyimskiy – 3

ZNZS LLC

Onshore Contract between Gazprom Neft PJSC (51%) and Zarubezhneft JSC (49%) A gas well was drilled at well 5PO with multistage hydraulic fracturing. Oil reserves increased by 61,000 toe.