Gazprom and PetroVietnam to develop Russian oil and gas fields
Earlier this month in Sochi, Russia, Alexey Miller, Chairman of the Gazprom Management Committee and Nguyen Xuan Son, Chairman of the PetroVietnam Oil and Gas Group (PVN) Board of Directors signed a framework agreement on joint development of the Nagumanovskoye (Orenburg Region) and Severo-Purovskoye (Yamal-Nenets Autonomous Area) fields.
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.
Framework agreement
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% stake and Petrovietnam, a 49% stake) will be responsible for the implementation of the agreement.
Gas production in Russia
“Gazprom stays focused on developing the long-term strategic relationship with Vietnam. 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,” said Alexey Miller.
Gazprom and PetroVietnam Oil and Gas Group entered into the agreement on Strategic Partnership in 2009. In line with the document, the parties will continue jointly operating in Vietnam's offshore blocks and studying further prospects for co-operation 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
Gazpromviet was set up by Gazprom (51% stake) and PetroVietnam (49%), 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 m3 of proven in-place gas reserves, 1.7 million t of recoverable condensate reserves and 960 000 t 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 m3, recoverable condensate reserves – 6.8 million t.
Adapted from press release by Cecilia Rehn
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/27112014/gazprom-and-petrovietnam-agree-to-joint-development-of-russian-oil-and-gas-fields/
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