Russia and Vietnam Enter Onshore Gas Collaberation

Posted: December 3, 2014 in Econ 101, Technology and Energy

SOURCE:  http://www.oilandgastechnology.net/upstream-news/gazprom-petrovietnam-ink-russia-onshore-natural-gas-collaboration-framework

Gazprom and PetroVietnam ink Russia onshore natural gas collaboration framework


Alexey Miller, chairman of the Gazprom Management Committee and Nguyen Xuan Son, chairman of the PetroVietnam Oil and Gas Group (PVN) board of directors, have signed today a framework agreement on joint development of the Nagumanovskoye (Orenburg Region) and Severo-Purovskoye (Yamal-Nenets Autonomous Area) fields, at a meeting in Sochi yesterday

Gazprom and PetroVietnam ink Russia onshore natural gas collaboration framework

Gazpromviet was set up by Gazprom (51 per cent stake) and PetroVietnam (49 per cent) in 2009 to conduct geological exploration, production and transmission of natural gas, gas condensate and crude oil

The signing ceremony took place in the presence of Vladimir Putin, president of Russia, and Nguyen Phu Trong, general secretary of the Communist Party of Vietnam Central Committee.

The document outlines the main terms for the projects’ implementation, in particular, the timeline for decision-making to start the development operations, a marketing concept as well as general principles of price setting and project financing. The Gazpromviet joint company (Gazprom holds a 51 per cent stake and Petrovietnam a 49 per cent stake) will be responsible for the implementation of the agreement.

“Gazprom stays focused on developing the long-term strategic relationship with Vietnam,” said Miller. “We are successful in joint gas production from the Republic’s shelf; we are also engaged in oil refining projects as well as develop the NGV sector in Vietnam.

“Today’s agreement will reinforce our partnership in gas production on the Russian territory. It is for the first time when a company from Asia-Pacific acts as a business partner and co-investor of Gazprom’s promising fields in Russia.”

In 2009,Gazprom and P etroVietnam Oil and Gas Group entered into the Agreement on Strategic Partnership. In line with the document, the parties will continue jointly operating in Vietnam’s offshore blocks and studying further prospects for cooperation in vacant licensed blocks of the Republic. The Agreement also contemplates a pro-active interaction between Gazprom and PetroVietnam in oil and gas projects across Russia, Vietnam and third countries.

Gazpromviet was set up by Gazprom (51 per cent stake) and PetroVietnam (49 per cent) in 2009 to conduct geological exploration, production and transmission of natural gas, gas condensate and crude oil. Gazpromviet holds a subsurface use license for the Nagumanovskoye and Severo-Purovskoye fields.

The Nagumanovskoye oil, gas and condensate field is located within the Akbulak District of the Orenburg region. It holds 5.8 billion cubic meters of proven in-place gas reserves, 1,683 thousand tons of recoverable condensate reserves and 960 thousand tons of recoverable oil reserves.

Severo-Purovskoye gas and condensate field is situated within the Purovsky District of the Yamal-Nenets Autonomous Area. Its proven in-place gas reserves account for 45.5 billion cubic meters, recoverable condensate reserves – 6,826 thousand tons.

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