Moscow. 6 February. INTERFAX-AGI (Gas Information Agency) – On Friday in Hanoi at Vietnam's Ministry for Industry and Investment, the JSC Gazprom was granted an investment certificate (licence) for implementation of an oil and gas contract in blocks 129, 130, 131 and 132 of the Vietnamese continental shelf.
According to Gazprom zarubezhneftegaz’s report, this major company and its chief executive officer Valery Gylev represented the Russian side at the ceremony.
The oil and gas contract was signed in Moscow on 27 October 2008 by the Gazprom chairman Alexey Miller and Chan Ngok Khan, the chairman of the Vietnamese oil and gas group Petrovietnam, in the presence of the presidents of both countries. The contract is valid for 30 years with a possible extension for 5 more years.
The document specifies the implementation of exploration, development and production of hydrocarbons in the given blocks on the Vietnamese shelf. Execution of the contract will be subject to production sharing conditions. According to the contract, the joint operating company (JOC) Vietgazprom set up between Gazprom and Petrovietnam is acting as the operator.
Blocks 129-132 are situated on the southern shelf of the Socialist Republic of Vietnam, in the north-north-east – and least studied – part of the South Con Son oil- and gas-bearing basin. Currently, the geological survey of the blocks is at the initial (or regional) stage. The overall area covered by the blocks is 28,400 square kilometers.
The technical and economic basis for carrying out geological exploration work on the blocks was prepared on the order of Gazprom zarubezhneftegaz, and was examined and approved by the Russian and Vietnamese sides.
The work pattern during the period of implementing the minimum geological exploration programme includes conducting complex geophysical and geochemical analysis, and the sinking of the two first exploration wells. The main direction of the work is conducting 2D seismic exploration work over an area of 20,000 linear kilometers, which is planned to be carried out over 3 years.
After carrying out the minimum geological exploration programme, a version of a single geological-geophysical macromodel of the structure of the sedimentary cover of the blocks will be put together, and a more precise definition of the stocks in the “leads” (geological features of interest), and possibly the opening of new deposits, will be carried out.
Vietgazprom was formed in 2002 in order to carry out the Oil and Gas contract in block 112 of the Vietnamese continental shelf. In accordance with the contract, Vietgazprom is currently conducting geological exploration work in block no. 112 for tracing and prospecting hydrocarbons. In August 2007, an industrial inflow of natural gas was obtained during Vietgazprom’s geological surveying in block no. 112 in Bak Bo Gulf (also known as the Gulf of Tonkin) when they tested an exploratory well in the Bao Vang area. Gas condensate was also discovered in the open deposit.
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