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Gazprom Joins Licensed Blocks Offshore Vietnam

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

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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.

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

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