Energy
Russia, Vietnam Sign Energy dael and 16 other Deals
HANOI—Vietnam and Russia signed 17 agreements Tuesday aimed at boosting political, military and trade ties while increasing cooperation in the energy sector.
The agreements, timed to coincide with Russian President Vladimir Putin’s visit here, will help offset China’s enormous economic influence in Vietnam and come as Beijing and Hanoi struggle with overlapping sovereignty claims to the South China Sea—Vietnam calls the body of water the East Sea—and the oil and gas reserves that lie beneath the seabed.
The energy deals include one that could see Vietnam’s state oil firm PetroVietnam exploring for oil and gas in Russia’s offshore Arctic region.
Russia and Vietnam engage in frequent top-level exchanges. In May, Vietnamese Prime Minister Nguyen Tan Dung visited Moscow, following up on a trip to Hanoi a year ago by Russian Prime Minister Dmitry Medvedev.
“Vietnam has been a long-term, trustworthy partner for Russia…and political dialogue between the two countries is at a high level,” Mr. Putin said at a press briefing after a meeting Tuesday with his Vietnamese counterpart, Truong Tan Sang.
Russia’s exports to Vietnam are dominated by oil products, machinery and weapons. Among the latter are fighter planes and six Kilo-class, cruise missile-equipped submarines, the first of which is due to be delivered to the Vietnamese navy early next year under a $2 billion deal signed in 2009. Two more of the Kilo-Class submarines will be delivered in 2014, Vietnamese state media has reported.
Mr. Putin said the deal signed Tuesday between the countries’ respective defense ministries will help expand the supply of Russian military products to Vietnam and training of Vietnam’s military personnel.
Russia has also provided significant support for Vietnam’s civil nuclear energy program. It has agreed to lend $8 billion to Hanoi to help pay for the country’s first reactors, which nuclear energy company Rosatom will build. The first of these, in the central province of Ninh Thuan, is due to be operational in 2023 followed a year later by a second one.
“Our cooperation in nuclear power is not limited at the construction of Vietnam’s first nuclear power plant, but also includes training human resources and building a nuclear technology training center in Vietnam,” Mr. Putin said.
Russia and Vietnam also have close ties in oil production, with PetroVietnam and Russian oil companies involved in several joint-venture projects. Among these is Vietsovpetro, which has produced more than 206 million metric tons of crude oil from fields offshore Vietnam since it was established in 1981. It is the operator of Vietnam’s largest oil field, Bach Ho, and is 49% owned by PetroVietnam and 51% by Russia’s Zarubezhneft.
Among the deals signed Tuesday, Russia’s Rosneft, will join PetroVietnam in exploring for oil and gas at block 15-1/05 offshore Vietnam while Gazprom Neft the oil arm of state-controlled gas giant Gazprom OAO will invest in Vietnam’s sole refinery, Dung Quat, and distribute products produced there.
In September, Vietnam said Gazprom may join the project to increase Dung Quat’s capacity to 200,000 barrels a day from 130,000 barrels a day.
Russia will also ship liquefied natural gas to Vietnam to help the country meet rapidly rising energy demand, Mr. Putin said Tuesday. In October, Gazprom said it hoped to have a framework deal in place by the end of the year to ship gas to Vietnam from its planned Vladivostok LNG project.
Vietnam’s main exports to Russia are farm produce, seafood, clothing and electronics.
The pair plans to increase bilateral trade to $7 billion in 2015, up from an estimated $4 billion this year. In March they launched free-trade negotiations, which if completed would deepen commercial links further.
Despite Vietnam’s sometimes heated territorial disputes with its nearer neighbor, Vietnam-China trade is substantially larger: In the first half of 2013 bilateral trade totaled $23.1 billion, up 20% from a year earlier.
China and Vietnam both claim ownership of areas lying off the eastern and southern Vietnamese coast, some of which, including the Spratly Islands, are believed to contain oil and gas deposits.
“We welcome Russia’s strategy to see Vietnam as its strategic partner in the [Southeast Asian] region, and Vietnam’s determination is to see Russia as Vietnam’s leading partner,” Vietnamese President Truong Tan Sang said.
The two leaders Tuesday also witnessed the signing of a credit agreement between the Bank for Investment and Development of Vietnam and Russia’s International Investment Bank. No details were announced.
The two countries also signed deals regarding cooperation in education, science, health care and the environment.
– WALL STREET JOURNAL
The Shell Nigeria Exploration and Production Company Limited (SNEPCo) has completed the turnaround maintenance on the Bonga Floating Production, Storage and Offloading (FPSO) vessel, leading to resumption of production at Nigeria’s premier deepwater field on March 6, 2026.
Biztellers reports that the project was delivered 11 days ahead of schedule and without any safety incident, reinforcing SNEPCo’s longstanding commitment to operational excellence and asset integrity.
“Completing the turnaround safely and ahead of schedule is a testament to the dedication and professionalism of our Nigerian workforce and the helpful support of our partners,” SNEPCo Managing Director Ronald Adams said. “The achievement not only secures the long‑term integrity of the Bonga FPSO but also positions us strongly for the successful delivery of the Bonga North project, which will leverage the improved reliability of the FPSO.”
The exercise which began on February 1, 2026, highlights SNEPCo’s leading role in advancing deep‑water expertise in Nigeria. Of the 55 companies involved in the execution, 43 were wholly Nigerian. Additionally, eight of the 12 international service providers maintain operational bases in Nigeria, contributing to knowledge transfer and increased local investments.
More than 1,000 personnel worked offshore during the turnaround, with over 95% being Nigerians involved in maintenance, engineering, operations, inspection and construction. Thousands more supported activities from onshore locations, reflecting the depth of Nigerian capability in offshore oil and gas operations.
Adams added: “We acknowledge the support of several stakeholders towards the successful execution of the exercise, including the NNPC Upstream Investment Management Services (NUIMS), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Content Development and Monitoring Board (NCDMB) and our partners.”
Modupe Asudo
Sahara Group, a leading global energy and infrastructure conglomerate, has commissioned MT Asharami Ghana, a 40,000‑cubic‑metre Liquefied Petroleum Gas (LPG) carrier, expanding its fleet capacity, while strengthening Ghana’s clean energy supply chain and LPG distribution network.
The dual‑fuel vessel improves operational efficiency, enhances supply reliability, and supports lower‑emission LPG logistics as consumption grows across Ghana and the wider sub‑region.
Ghanaian President Mahama and Sahara Executive Directors
Speaking at the commissioning in Ulsan, South Korea, President John Dramani Mahama described the vessel as “a significant milestone in strengthening the infrastructure that underpins the global LPG supply chain,” noting that expanded shipping capacity is critical to improving supply security, reliability and efficiency for countries that rely partly on LPG imports.
He commended Sahara Group, WAGL Energy and all partners involved for their “leadership, technical expertise and strategic foresight,” adding that the project reflects “the power of partnership” in advancing safe, efficient, and responsible energy distribution.
President Mahama wished the MT Asharami Ghana safe sails, expressing confidence that the vessel would inspire further investment and collaboration across Africa’s energy value chain.
According to Wale Ajibade, Executive Director, Sahara Group, the vessel supports Ghana’s clean energy ambitions through integrated infrastructure.
“MT Asharami Ghana is more than a vessel; it is part of a deliberate strategy to strengthen LPG supply security and support Ghana’s clean energy ambitions. It secures an additional 25,000-Metric-tonne stock security for the Ghana economy, alongside the soon to be commissioned 6000-metric-tonee of 12.000-metric-tonne land storage in Tema,” he said.
With the addition of Asharami Ghana, Sahara Group’s LPG carrier fleet now comprises six delivered vessels with a combined capacity of 202,000 cubic metres. Supported by partnerships with WAGL Energy, NNPC Limited and other stakeholders, an additional 270,000 cubic metres of capacity is under construction and due for delivery by September 2028.
Temitope Shonubi, Executive Director, Sahara Group, said Asharami Ghana is part of Sahara’s integrated LPG infrastructure strategy spanning shipping, storage, and downstream distribution globally, including the development of a 12,000‑metric‑tonne land‑based LPG storage terminal in Tema, with a 6,000‑metric‑tonne first phase scheduled for completion in May 2026.
He thanked Yaa Serwaa Alifo, MD of Asharami Ghana, for her resilience and insistence to dedicate a ship of “this magnitude solely to the Ghana Market and its landlocked neighbours.”
Ghana is targeting LPG adoption of 50 per cent of households by 2030, up from about 30 per cent today. Sahara’s investments will support clean energy access for more than 35 million people, while strengthening Ghana’s role in regional LPG trade to neighbouring and landlocked West African markets.
The commissioning comes in Sahara Group’s 30th anniversary year, guided by the Sahara Beyond XXX milestone, underscoring Sahara’s focus on building an enduring enterprise that delivers responsible growth, shared prosperity and long‑term impact across its markets.
Nigeria’s crude oil production dropped to 1.31 million barrels per day in February, even as local refineries continue to grapple with inadequate domestic crude supply needed to sustain operations.
The development shows that Nigeria again failed to meet its crude oil production quota of 1.5 million barrels per day approved by the Organisation of the Petroleum Exporting Countries (OPEC), as output declined sharply in February 2026.
Data from OPEC’s latest Monthly Oil Market Report, based on direct communication from member countries, showed that Nigeria produced 1.314 million barrels per day in February, down from 1.459 mbpd recorded in January.
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The figures indicate a month-on-month decline of 146,000 barrels per day, widening the country’s shortfall from its OPEC production allocation.
Nigeria’s inability to meet its OPEC production quota is not only affecting its oil export earnings but also adversely impacting domestic refineries that are starved of feedstock for their operations.
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