Zarubezhneft (Russian state-controlled oil company based in Moscow and specialsing in exploration, development and operation of oil and gas fields outside Russian territory) and Belgium’s DEME Group will be major investors in Vietnam’s first 1GW offshore wind farm project, Vinh Phong Offshore Wind.
JV Vietsovpetro and DEME Offshore will act as the contractors as the companies have the necessary competence and experience in the construction of wind farms. The cost of the project is estimated at USD 3.2 billion. The first stage (600 MW) of the offshore wind farm is planned to be completed by 2026, and the second stage (400 MW) by 2030.
Zarubezhneft established its own department for renewable energy assets development two years ago. Its goal is to study opportunities for implementing green energy projects in the regions where the company operates, namely in Russia, Vietnam, Cuba, and Bosnia and Herzegovina.
The Belgian Group (Dredging Environmental and Marine Engineering NV) became Zarubezhneft’s partner in this project for a reason as one of its competencies is the construction of offshore wind projects.
JV Vietsovpetro, which accounts for about 20% of Vietnam’s national oil production, is a Russian-Vietnamese joint venture with a 40-year history. It was created by Vietnamese state company PetroVietnam and the then-Soviet state-owned JSC Zarubezhneft. The company’s offshore experience is demonstrated by its technical base consisting of 40 fixed platforms, 3 floating oil storage tanks, 5 self-elevating floating drilling rigs and 20 special vessels for construction and installation of technological offshore platforms for well drilling and oil-and-gas recovery.