Gazprom Snags 4 Blocks Offshore Vietnam

Led by Alexey Miller, Chairman of the Management Committee, a Gazprom delegation paid a visit to the Socialist Republic of Vietnam. Within the frame of the visit Alexey Miller met Nguyen Minh Triet, President of the Republic of Vietnam, Nguyen Tan Dung, the country's Prime Minister, and Truong Tan Sang, a permanent member of the Presidium of the Central Committee, Communist Party of Vietnam. The parties discussed the development prospects for Gazprom cooperation with Vietnamese companies in the oil and gas sector.

During the visit Alexey Miller met Tran Ngoc Canh, President & CEO of Petrovietnam Vietnam National Oil and Gas Group, and Dinh La Thang, Chairman of the company's Board of Directors.

The meeting participants discussed the progress in implementing the existing projects of Gazprom in the Socialist Republic of Vietnam and agreed on specific steps to be taken with a view to intensify work in promising directions.

In particular, special attention was paid to the prospects for cooperation in recovering Vietnamese offshore hydrocarbon reserves, to Gazprom's possible involvement in elaborating a general layout for the Vietnamese gas industry development and in the projects in third countries, as well as to cooperation in personnel training.

A solemn ceremony of signing the Agreement for Further Cooperation between Gazprom and Petrovietnam took place during the meeting. The Agreement provides for geological exploration and further development of four new blocks in offshore Vietnam. Vietgazprom Joint Operating Company will be the project operator.

The Agreement also provides for setting up a Gazpromviet joint venture to ensure the companies' participation in the oil and gas projects implemented in Russia and other countries. Zarubezhneftegaz will represent Gazprom in the joint venture.