Gazprom, Petrovietnam Sign MoU

Russia’s Gazprom and Vietnamese state-owned Petrovietnam signed a memorandum of understanding (MoU) in Sochi September 6 regarding further development of Bao Wang gas field offshore Vietnam, Gazprom said the same day.

As per the MoU, gas will be supplied from the field to a power plant that will be built in the Kuangchi province in central Vietnam. Gazprom and Petrovietnam will take up additional exploration work in the Bao Wang gas field and “subject to economic expediency, a decision will be made on its further development.” The project for the construction of the power plant is currently under consideration at the trade and industry ministry of Vietnam, Gazprom said.  

Vietgazprom, the joint operating company of Gazprom and Petrovietnam, first reported a commercial natural gas discovery in Bao Wang field, on Block 112 in the Gulf of Bac Bo offshore Vietnam, in 2007.