Today, Alexey Miller, Chairman of the Gazprom Management Committee, and Nguyen Vu Truong Son, CEO and Member of the Board of Directors of Vietnam Oil and Gas Group (PetroVietnam), held a working meeting in Moscow.
The meeting reviewed the progress and prospects of the companies’ cooperation. In particular, the parties addressed the joint production of hydrocarbons in Vietnam. The total cumulative production for Moc Tinh and Hai Thach fields since Gazprom Group joined the project in 2013 has reached approximately 6.6 billion cubic meters. Specifically, in 2016 the parties implemented an annual hydrocarbon output plan (2 billion cubic meters) prior to the scheduled date. The parties also highlighted that in December 2016 Gazprom International and PetroVietnam completed a five-year drilling programme at the fields. In accordance with the development plan, a total of 16 operating wells were drilled.
The meeting specifically discussed the progress of geological exploration in blocks No. 112, 129–132 offshore Vietnam and implementation of the projects for developing the Nagumanovskoye oil, gas and condensate field and Severo-Purovskoye gas and condensate field by LLC Gazpromviet.
The parties also discussed the prospects for joint projects in the sphere of gas power generation and NGV fuel.
The main partner of Gazprom in Vietnam is PetroVietnam Group which is focused on hydrocarbon exploration, production, processing, transportation and sales.
Vietgazprom, a joint operating company of Gazprom (50 per cent stake) and PetroVietnam (50 per cent stake), is engaged in exploration activities in licensed blocks No. 112, 129–132, located on the continental shelf of Vietnam. In 2007, the Bao Vang gas field was discovered within Block No. 112. In 2009, another field, Bao Den, was discovered.
The Moc Tinh and Hai Thach fields are located within licensed blocks 05–2 and 05–3 offshore Vietnam. Bien Dong POC operates the project. Gazprom is represented in the joint venture by Gazprom International, a specialized company for the implementation of oil and gas projects outside Russia.
In 2009, Gazprom and PetroVietnam entered into an 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 the development licenses for both fields.