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Gazprom & Petrovietnam Sign MOU in Natural Gas Use

Source: www.gulfoilandgas.com 5/14/2013, Location: Asia

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In Moscow Vitaly Markelov, Deputy Chairman of the Gazprom Management Committee and Nguyen Vu Truong Son, Vice President of Petrovietnam State Oil and Gas Corporation signed in the presence of Dmitry Medvedev, Prime Minister of the Russian Federation and Nguyen Tan Dung, Prime Minister of the Socialist Republic of Vietnam a Memorandum of Understanding to cooperate in natural gas production and use as a motor fuel.

The document defines the key areas of cooperation in the specified sector within the Socialist Republic of Vietnam. In particular, the Memorandum stipulates that efforts will be taken to convert Ho Chi Minh public transport to natural gas. A joint Russian-Vietnamese venture will be established as part of the project.

“Gazprom and Petrovietnam have a history of long-lasting successful cooperation in natural gas prospecting and exploration. By signing the Memorandum of Cooperation in natural gas use as a motor fuel our companies expand the energy cooperation between Russia and Vietnam. We see a high potential of the business expansion both domestically and internationally, and we believe Vietnam to be a promising market for stepping up NGV projects,” said Vitaly Markelov.

Gazprom considers the NGV fuel market as a promising area of the Company's activities targeted at increasing the economic efficiency of Russian gas sales abroad.

The Joint Coordinating Committee between Gazprom and Petrovietnam State Oil and Gas Corporation is engaged in deepening the interaction between the companies and, inter alia, is exploring the possibilities for cooperation in natural gas use as a motor fuel.

In the framework of the Vietgazprom joint operating company Gazprom and Petrovietnam are engaged in the project on hydrocarbons prospecting and exploration in block No.112 of Vietnam's continental shelf. As a result of the geological exploration performed in 2007, the Bao Vang gas and condensate field was discovered in the block. In 2009 natural gas reserves were also discovered in the adjacent Bao Den area.

A long-term Oil and Gas Contract is currently in force between Gazprom and Petrovietnam for blocks No.129, 130, 131, 132 on the continental shelf of the Republic of Vietnam. The document stipulates hydrocarbons exploration, development and production in these blocks. The Contract will be implemented on the PSA terms. Vietgazprom will act as the project operator.

On December 15, 2009 Gazprom and Petrovietnam entered into the Agreement on Strategic Partnership. In line with the document, the parties will continue their joint operations in the Vietnamese offshore blocks as contemplated by previously signed oil and gas contracts. They will also study future prospects for cooperation between the companies in vacant Vietnamese licensed blocks. The Agreement also contemplates active partnership between Gazprom and Petrovietnam in oil and gas projects in Russia, Vietnam and in third countries within Gazpromviet being currently set up. The Nagumanovskoye oil, gas and condensate field located in the Orenburg Region as well as the Severo-Purovskoye gas and condensate field in the Yamal-Nenets Autonomous Area were defined as the major objects of the companies' cooperation in Russia.

In April 2012 Gazprom and Petrovietnam signed the Agreement on Gazprom involvement in joint development projects for licensed blocks 05.2 and 05.3 offshore Vietnam.

For more information about related Opportunities and Key Players visit Caspian Region Projects

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