Gazprom Neft, PetroVietnam Sign Energy Agreements

Gazprom Neft and Petrovietnam have signed a series of agreements to extend their collaboration in the field of oil and gas.

Alexander Dyukov, Chairman of the Management Board of Gazprom Neft, and Nguyen Xuan Son, Chairman of the Board of Directors of Petrovietnam, signed a memorandum to extend their collaboration on joint oil and gas exploration, production and development projects on the Pechora Sea shelf (at the Dolginskoye field and the Severo-Zapadnyi (North West) licensed block), Gazprom Neft said in a statement on Monday.

The documents were signed in Hanoi (Vietnam), in the presence of the Prime Minister of the Russian Federation, Dmitry Medvedev and the Prime Minister of Vietnam, Nguyễn Tấn Dũng.

The two parties have agreed to create a dedicated working group of experts from both companies. By the end of October 2015, the parties will form a list of priority oil and gas fields and agree the basic terms of the partnership before further agreements are signed. The projects will be implemented via joint ventures of Gazprom Neft and Petrovietnam, in which the stakes of each party will be negotiated.

In addition, Alexander Dyukov and Nguyen Xuan Son signed a document outlining key provisions of an agreement allowing Gazprom Neft to acquire a 49 percent share in the Vietnamese Dung Quat refinery.