Gazprom, PetroVietnam to Work on Pechora Sea Shelf's Upstream Projects

Gazprom, PetroVietnam to Work on Pechora Sea Shelf's Upstream Projects
Gazprom and PetroVietnam sign an agreement to collaborate on upstream oil and gas projects on Russia's Pechora Sea shelf.

Gazprom Neft reported Monday that it has signed several agreements with Vietnam Oil abd Gas Group (PetroVietnam), including a memorandum on joint oil and gas exploration, production and development projects on the Pechora Sea shelf in Russia.

The upstream agreement, covering Pechora Sea shelf projects with a focus on the Dolginskoye field and the Severo-Zapadnyi (North West) licensed block, was signed in Hanoi, Vietnam by Chairman of Gazprom Alexander Dyukov and his PetroVietnam counterpart Nguyen Xuan Son.

"The two parties have agreed to create a dedicated working group of experts from both companies. By the end of October, the parties will form a list of priority oil and gas fields and agree the basic terms of the partnership before further agreements are signed," Gazprom said in a press release.

Gazprom and PetroVietnam will then execute the Pechora Sea shelf oil and gas projects through joint ventures and stakes in these partnerships will be decided through negotiations.

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