Acquisitions and Divestitures: News for Oil & Gas and Hydrocarbon Industries  Membership Services
Gulf Oil and Gas grow your business
Home News Events Projects Tenders Unconventionals Community | My Account
Products and vendors Services and providers Jobs

Gazprom Joins Licensed Blocks Offshore Vietnam

Source: www.gulfoilandgas.com 4/5/2012, Location: Asia

Share |

Led by Alexey Miller, Chairman of the Gazprom Management Committee, the Company's delegation made a business trip to the Socialist Republic of Vietnam. The talks were held with Do Van Hau, President and CEO of Petrovietnam State Oil and Gas Corporation and Phung Dinh Thuc, Chairman of the Petrovietnam Board of Directors. Nguyen Tan Dung, Prime Minister of the Socialist Republic of Vietnam welcomed the Gazprom delegation.

During the visit, a working meeting took place between Alexey Miller and Truong Tan Sang, President of Vietnam. The parties discussed prospects of the Russian-Vietnamese partnership in the energy sector as well as bilateral cooperation under the ongoing and future projects.

In presence of the Vietnamese President, the parties signed the agreements on staff training and retraining as well as on Gazprom involvement in joint development projects for Licensed Blocks 05.2 and 05.3 offshore Vietnam.

The document stipulates that Gazprom will obtain a 49 per cent stake in the Production Sharing Agreements that set forth the conditions required for implementing the project. Gazprom International represents the Russian interests in this project.

I would like to express my gratitude towards the Vietnamese senior officials for supporting the Russian-Vietnamese joint initiatives. For many years Gazprom has been successfully implementing the large-scale projects offshore Vietnam. The Agreement signed today shows that Russia and Vietnam have a mutual interest to deepen the multifaceted partnership that engages hydrocarbon development in Vietnam, Russia and third countries, as well as cooperation under our Eastern Gas Program, staff training and personnel career development, and prospects for cooperation in the energy sector, said Alexey Miller.

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 on Gazprom involvement in joint development projects for Licensed Blocks 05.2 and 05.3 offshore Vietnam was signed as part of the ongoing Agreement on Strategic Partnership between Gazprom and Petrovietnam.

Licensed Blocks 05.2 and 05.3 are located offshore Vietnam in the South China Sea. The Kim Cuong Tay oil field was discovered within Block 05.2, as well as two gas and condensate fields Moc Tinh (Block 05.3) and Hai Thach (Blocks 05.2 and 05.3). The aggregate reserves of the two gas and condensate fields are evaluated at 55.6 billion cubic meters of gas and 25.1 million tons of gas condensate. It is planned to launch the construction of 16 production wells 2,000 to 4,600 meters deep in order to develop the fields.

In April 2010 the Vietnamese State Expert Review Commission approved the joint development plan of the Hai Thach and Moc Tinh fields. The plan implementation will allow to speed up gas supply to the gas trunkline and to start gas production before completing the drilling operations and pre-development of the fields. Gazprom International is in charge of Gazprom projects abroad and deals with hydrocarbons prospecting, exploration and development.

Acquisitions and Divestitures News in Vietnam >>

Chevron Announces Sale of Interest in Caltex Australia Ltd
  Australia >>  3/26/2015 - Chevron Corporation's wholly owned subsidiary Chevron Global Energy Inc. today announced that it has entered into an underwriting agreement for the sa...
Cue Energy Receives Approval for Farm-in to Mahato PSC
  Indonesia >>  3/26/2015 - Cue Energy Resources has received government approval for the farm-in agreement with Bukit Energy Central Sumatra (Mahato) to acquire a 12.5% particip...

BP Sees TANAP Gas Pipeline Project Deal Within two Months
  Azerbaijan >>  3/25/2015 - British oil major BP expects to sign a deal with the Trans-Anatolian Natural Gas Pipeline (TANAP) project within two months to become a stakeholder in...
Petroceltic and Hess to Relinquish Dinarta Licence
Iraq >>  3/25/2015 - Petroceltic International plc provides an update with respect to its operations in the Kurdistan Region of Iraq. ...

SPDC Completes Sale OML29 & Nembe Creek Trunk Line
  Nigeria >>  3/25/2015 - The Shell Petroleum Development Company of Nigeria Limited (SPDC), a subsidiary of Royal Dutch Shell plc (Shell), has completed the assignment of its ...
PetroVietnam Mulls Leaving Venezuela Joint Venture
  Venezuela >>  3/25/2015 - Vietnam's state oil and gas group PetroVietnam (PVN) is considering selling its 40 percent stake in a joint venture with Venezuelan counterpart Petrol...



Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Vietnam Oil & Gas 1 >>  2 |

More News

Oil & Gas Companies in Vietnam >>

Related Links

Countries Quick Links

AZ BD BN CN GE HK ID IN IR JP KG KR KZ MM MN MY PG PH PK RU SG TH TJ TM TW UA UZ VN
Gulf Oil and Gas B2B marketplace:   About -  Advertising -  Competitive Intelligence -  Talent Solutions -  Membership Services Follow us on Facebook
Copyright Universal Solutions All rights reserved. Privacy Policy. - Contact Us  Gulfoilandgas rss feed