Gazprom, Petrovietnam sign strategic partnership agreement

Offshore staff

MOSCOW -- Gazprom and Petrovietnam have signed a strategic partnership agreement. Pursuant to the document, the parties will continue joint activities in the blocks on Vietnam’s continental shelf as part of previously signed oil and gas contracts. The companies will explore cooperation in free licensed blocks offshore Vietnam.

The agreement also foresees cooperation between Gazprom and Petrovietnam in oil and gas projects in Russia, Vietnam, and other countries to be determined by the joint venture Gazpromviet. In particular, the parties will consider development of the Nagumanovskoye oil, gas, and condensate field, as well as exploration and development of subsurface resources in the Republic of Sakha, Eastern Siberia, and the Far East.

Gazprom and Petrovietnam have also agreed to develop sci-tech cooperation and will set up a joint coordinating committee and a joint working group.

The companies also signed an addendum to the oil and gas contract on block 112 offshore Vietnam. The addendum makes the terms and conditions of the contract compliant with the decisions previously taken by the Vietnamese government on extending the scope of the contract to cover adjacent blocks 111 and 113 and on executing two oil and gas contracts (block 112 and blocks 129–132) by a single operator, Vietgazprom.

In addition, the companies signed an agreement to set up the Gazpromviet joint venture.

12/16/2009