Gazprom, PetroVietnam to Jointly Develop Oil, Gas Projects

Gazprom and PetroVietnam have signed a deal to jointly develop new oil and gas projects and cooperate on gas-based power generation.

According to a Memorandum of Understanding on the development of new oil and gas projects, the parties plan to examine opportunities for mutually beneficial cooperation “in the field of hydrocarbon prospecting, exploration and development”, according to a Gazprom statement. Among the opportunities being considered are joint activities within new projects at licensed blocks on the shelf of Vietnam and in other countries.

The Memorandum of Understanding on power generation reflects the intention of the signatories to explore the possibilities of joint projects for gas-based power generation within Vietnam. To achieve that goal, the parties plan to use gas from their joint projects offshore Vietnam and LNG from Gazprom Group's portfolio.

“Together with PetroVietnam we successfully conduct hydrocarbon exploration and production, work on NGV projects, and implement staff training programs,” said Alexey Miller, chairman of the Gazprom management committee.

“The documents signed today expand the scope of our collaboration. We plan to jointly deliver new oil and gas projects and cooperate in the power sector, thereby gradually enhancing our partnership,” he continued.


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