Gazprom and Petrovietnam Sign JV Agreement

Source: www.gulfoilandgas.com 12/15/2009, Location: Asia

Gazprom announced that Chairman of the Gazprom Management Committee and Phung Dinh Thuc, President and CEO of Petrovietnam State Oil and Gas Corporation signed in the presence of Vladimir Putin, Prime Minister of the Russian Federation and Nguyen Tan Dung, Prime Minister of the Socialist Republic of Vietnam an Agreement on Strategic Partnership.

Pursuant to the document, the parties will continue joint activities in the blocks of Vietnam’s continental shelf as part of the previously signed Oil and Gas Contracts and explore the possible ways of cooperation with the Socialist Republic of Vietnam in free licensed blocks.

The Agreement also contemplates intensive cooperation between Gazprom and Petrovietnam in oil and gas projects in Russia, Vietnam and third countries to be implemented by Gazpromviet, a joint venture being set up. In particular, the parties will consider the possible engagement in the Nagumanovskoye oil, gas and condensate field development, as well as in exploration and development of subsurface resources in the Republic of Sakha, Eastern Siberia and the Far East.

Gazprom and Petrovietnam have also agreed to develop sci-tech cooperation.

The parties will set up a Joint Coordinating Committee and a Joint Working Group to ensure successful execution of the accords reached.

Alexey Miller and Phung Dinh Thuc signed an Addendum to the Oil and Gas Contract on block 112 offshore Vietnam. The Addendum makes the terms and conditions of the Contract compliant with the decisions previously taken by the Vietnamese Government on extending the scope of the Contract to cover adjacent blocks 111 and 113 and on executing two oil and gas contracts (block 112 and blocks 129–132) by a single operator, the Vietgazprom Joint Operating Company.

In addition, an Agreement was signed on setting up the Gazpromviet joint venture.


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