Gazprom Inks Deal with PVN for 4 Blocks Offshore Vietnam

Today Alexey Miller, Chairman of the Gazprom Management Committee and Tran Ngoc Canh, President of Petrovietnam Oil and Gas Group (PVN) signed in the presence of Dmitry Medvedev, the Russian Federation President and Nguyen Minh Triet, President of the Socialist Republic of Vietnam, a 30-year Oil and Gas Contract for Blocks 129, 130, 131, 132 of the Vietnam continental shelf.

The Contract stipulates exploration, development and production of hydrocarbons in these blocks offshore Vietnam.

The Contract will be implemented on the PSA terms. Vietgazprom, the Joint Operating Company of Gazprom and Petrovietnam will act as the project operator.

At the stage of geological exploration the project financing will be effectuated by Gazprom.

The parties have also signed the Primary Provisions for setting up a joint venture, Gazpromviet, to secure the companies' cooperation in Russia and third countries. The company's shareholding structure is as follows: Gazprom (51%) and PVN Petrovietnam (49%). In this project Gazprom will be represented through Gazprom zarubezhneftegaz.

The Nagumanovskoye field located in the Orenburg Oblast has been defined as the major object of the companies' cooperation in Russia.
 

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