Gazprom, PetroVietnam to Develop Two Gas Blocks Offshore Vietnam

Gazprom has signed a deal with PetroVietnam to get a 49 percent stake in two offshore blocks, Gazprom said on Thursday.

The parties are to jointly develop two blocks, 05.2 and 05.3, which are located on Vietnam’s shelf in the South China Sea where it discovered two gas condensate deposits, Moc Tinh (within block 05.3) and Hai Thach (blocks 05.2 and 05.3).

Total reserves of the two blocks are estimated at 55.6 billion cubic meters of gas and 25.1 million tons of gas condensate.

Gazprom and PetroVietnam are likley to drill 16 wells with a depth of 2,000-4,600 meters to develop the blocks.