Gazprom, PetroVietnam to Launch New Oil, Gas Projects

Gazprom and PetroVietnam on Monday signed memorandum of understanding (MoU) on the development of new oil and gas projects.

The two parties also signed memorandum pertaining to power generation and agreed to cooperate on personal training.

The agreements were signed by Alexey Miller, Chairman of the Gazprom Management Committee, and Nguyen Quoc Khanh, Chairman of the Board of Directors of Vietnam Oil and Gas Group (PetroVietnam). The signing ceremony was attended by Dmitry Medvedev, Prime Minister of the Russian Federation, and Nguyen Xuan Phuc, Prime Minister of Vietnam.

According to the MoU on the development of new oil and gas projects, the parties plan to examine further opportunities for mutually beneficial cooperation in the field of hydrocarbon prospecting, exploration and development. Among the opportunities being considered are joint activities within new projects at licensed blocks on the shelf of Vietnam and in third countries.

The MoU on power generation would pave way to explore the possibilities of joint projects for gas-based power generation within Vietnam. To achieve that goal, the parties plan to use gas from their joint projects offshore Vietnam and LNG from Gazprom Group's portfolio, Gazprom said.

The cooperation agreement on personnel training was extended for five years under the Addendum.

“Together with PetroVietnam we successfully conduct hydrocarbon exploration and production, work on NGV projects, and implement staff training programs. The documents signed today expand the scope of our collaboration. We plan to jointly deliver new oil and gas projects and cooperate in the power sector, thereby gradually enhancing our partnership,” said Miller.