A working meeting between Alexander Ananenkov, Deputy Chairman of the Management Committee of Gazprom OJSC, and Phung Dinh Thuc, General Director of Petrovietnam Oil and Gas Corporation, was held at Gazprom's headquarters today.
The Parties positively assessed the work carried out by the Joint Operating Company, Vietgazprom, on the continental shelf of Vietnam. In particular, it was noted that the implementation of contracts for the development of oil and gas resources was progressing exactly according to the planned schedule.
Also, prospects for expansion of joint implementation of oil and gas projects within the framework of Gazpromviet, the new joint venture being created, were discussed at the meeting. The parties agreed to establish a joint working group to look for and substantiate such projects.
Vietgazprom, the Joint Operating Company of Gazprom OJSC and Petrovietnam, is currently carrying out geological exploration on the continental shelf of the Socialist Republic of Vietnam.
On 11 September 2000, Gazprom and Petrovietnam signed a contract on the prospecting, exploration, production and sales of hydrocarbons in Block 112 of Vietnam's continental shelf. As a result of geological exploration carried out in 2007, the Bao Vang gas and condensate field was discovered in this Block. Current work in Block 112 focuses on the continued exploration of the Bao Vang field and on prospecting and appraisal in the Nearshore area, in the Vao Den and Bao Chang structures.
In November 2006, Gazprom OJSC and Petrovietnam signed a Collaboration Agreement, which, inter alia, bolsters the companies' cooperation in the areas of exploration, production, transportation and sales of hydrocarbons, development and operation of oil and gas pipelines, and oil and gas processing.
In May 2008, an agreement on further cooperation between Gazprom and Petrovietnam was signed. The document envisages the geological exploration and further development of four new blocks on Vietnam's continental shelf, as well as the establishment of a joint venture, Gazpromviet, to work in Russia and third countries, in which the stakes of Gazprom and Petrovietnam are 51% and 49%, respectively. Gazprom Zarubezhneftegaz will represent Gazprom in this joint venture.
In October 2008, Gazprom OJSC and Petrovietnam signed an Oil and Gas Contract concerning the new Blocks 129, 130, 131 and 132 of Vietnam's continental shelf for a period of 30 years. The Contract envisages the exploration, development and production of hydrocarbons in these Blocks. The contract will be implemented on PSA terms. The operator under this contract is the Vietgazprom Joint Operating Company. Gazprom OJSC provides financing for the project at the stage of geological exploration. Within the framework of this Contract, 2D seismic survey work and geochemical studies have been conducted, and the processing and interpretation of the data obtained is continuing.
The Nagumanovskoye oil, gas and condensate field in the Orenburg Region was defined as the base object of the companies’ cooperation in Russia.