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Gazprom and PetroVietnam enhancing bilateral cooperation

Gazprom and PetroVietnam enhancing bilateral cooperation

  • Russia
  • A Gazprom delegation headed by Alexey Miller, Chairman of the Company's Management Committee, paid a visit to the Socialist Republic of Vietnam (SRV).
  • Gazprom
  • www.gazprom.com
  • pr@gazprom.ru
  • http://www.gazprom.com/press/news/2016/april/article272474/

Hanoi hosted a working meeting between Alexey Miller and Tran Dai Quang, President of Vietnam. The parties discussed the Russian-Vietnamese collaboration in the energy sector. It was emphasized that the bilateral cooperation had great potential for further development.

Another working meeting was held between Alexey Miller and Vietnamese Prime Minister Nguyen Xuan Phuc.

Special attention was given at the meeting to the prospects for broader cooperation between companies on hydrocarbon development in Vietnam and third countries. The parties also discussed the further implementation of the joint NGV project in Vietnam. In particular, the meeting addressed the preparation of the Project Road Map.

Alexey Miller also had a working meeting with Nguyen Quoc Khanh, Chairman of the PetroVietnam Board of Directors, and Nguyen Vu Truong Son, President and CEO of PetroVietnam.

The parties focused, inter alia, on the exploration activities in blocks 112 and 129–132 and the joint development of the Moc Tinh and Hai Thach fields. It was noted that the construction of 12 production wells, three production platforms, a floating hydrocarbon storage terminal, and a submarine pipeline system had been completed at these fields. The total accumulated production from the Moc Tinh and Hai Thach fields since its launch in 2013 has now reached 4.5 billion cubic meters of gas and 1.1 million tons of gas condensate.

The meeting also reviewed the progress in the joint development of the Nagumanovskoye and Severo-Purovskoye fields located in Russia.

Background

Vietnam Oil and Gas Group, PetroVietnam, is focused on hydrocarbon exploration, production, processing, transportation and marketing.

Vietgazprom, the joint operating company established by Gazprom and PetroVietnam on a parity basis, conducts exploration activities in blocks 112 and 129–132 located on the continental shelf of Vietnam. Gazprom is represented in the joint venture by Gazprom International, a specialized company for the implementation of hydrocarbon prospecting, exploration and development projects outside Russia.

Since 2013, Gazprom International and PetroVietnam have been engaged in commercial gas and condensate production from the Moc Tinh and Hai Thach fields within licensed blocks 05–2 and 05–3 offshore Vietnam (with recoverable gas and condensate reserves amounting to 35.9 billion cubic meters and 15.2 million tons respectively).

In 2009, Gazprom and PetroVietnam entered into the Agreement on Strategic Partnership envisaging, inter alia, the companies’ cooperation in oil and gas projects in Russia, Vietnam, and third countries.

In 2015, Gazprom and PetroVietnam signed the Agreement on the major terms and conditions of developing the Nagumanovskoye (Orenburg Region) and Severo-Purovskoye (Yamal-Nenets Autonomous Area) fields. Gazpromviet (Gazprom – 51 per cent, PetroVietnam – 49 per cent) holds development licenses for both fields.

In 2015, PVGAZPROM Natural Gas for Vehicles, a joint Russian-Vietnamese company focused on the use of natural gas as a vehicle fuel, was registered. The joint venture consists of Gazprom International (35.5 per cent), Gazprom Gazomotornoye Toplivo (35.5 per cent), and PETROVIETNAM GAS (29 per cent).

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