Lukoil withdraws from Vietnam offshore project

Ho Chi Minh City: Russia oil company Lukoil has decided to pull out from a jv oil exploration project in Vietnam due to poor returns.

The company’s arm in Vietnam had bought a 50% stake in the development at Hanoi Trough-02 oil field two years ago, however, the company had not realised good returns through this investment.

Lukoil will now look to focus more on Russian projects and reduce investment in projects abroad. Earlier this year, Singapore firm KrisEnergy also reported disappointing results off Vietnam with its exploration at Cua Lo-1. [20/02/14]