PetroVietnam and Gazprom sign agreement to develop two fields in Russia

Jun 23, 2015 12:00 AM

PetroVietnam and Russian energy company Gazprom have signed an agreement on major terms and conditions for developing two fields in Nagumanovskoye (Orenburg Region) and Severo-Purovskoye (Yamal-Nenets Autonomous Area). The document was signed by PetroVietnam's President and CEO Nguyen Quoc Khanh and chairman of the Gazprom Management Committee Alexey Miller at the St Petersburg International Economic Forum 2015 late last week.

The two parties also discussed the extension of co-operation in the oil sector, including work at the Dung Quat Oil Refinery project, as well as power supplies and natural gas vehicle sectors and liquefied natural gas supplies in Viet Nam.

'The legally binding agreement sets key provisions for the projects, including the work schedule and sales strategy, as well as conditions for financing and setting prices. I am confident that our experience in hydrocarbon development in Viet Nam will help us be successful in large-scale projects across Russia,' said Miller.

In 2014, PetroVietnam and Gazprom signed a framework agreement for the joint development of the Nagumanovskoye oil, gas and condensate field and Severo-Purovskoye gas and condensate field. Nagumanovskoye has an estimated 5.8 billion cubic metres of gas reserves, 1,683 thousand tonnes of recoverable condensate reserves, and 960 thousand tonnes of recoverable oil reserves. Severo-Purovskoye has 45.5 billion cubic metres of proven in-place gas reserves and 6,826 thousand tonnes of recoverable condensate reserves. Gazpromviet, established in December 2009, is a joint venture between Gazprom (51 per cent stake) and Viet Nam (49 per cent stake), holds a subsurface use license for both fields.

In Viet Nam, the two companies also formed joint venture Vietgazprom with a 50/50 stake deal. It is engaged in exploration activities in Blocks No 112, 129-132 located on Viet Nam's continental shelf.

Since 2013, Vietgazprom has been running commercial production of gas from the Moc Tinh and Hai Thach fields of licensed blocks 05.2 and 05.3 offshore, with recoverable gas and condensate reserves amounting to 35.9 billion cubic metres and 15.2 million tonnes, respectively.

On the sidelines of the St Petersburg International Economic Forum, PetroVietnam also held talks with Russian oil group Rosneft to expand and strengthen co-operation between the two parties for joint exploration activities on Viet Nam's continental shelf.

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