Gazprom, PetroVietnam to Jointly Develop Gas Resources in Russia

Gazprom and PetroVietnam on Tuesday signed a framework agreement on joint development of the Nagumanovskoye and Severo-Purovskoye fields in Russia.

The agreement was signed by Alexey Miller, Chairman of the Gazprom Management Committee and Nguyen Xuan Son, Chairman of the PetroVietnam Oil and Gas Group (PVN) Board of Directors.

The Gazpromviet joint company will be responsible for the implementation of the agreement. Gazpromviet was set up by Gazprom (51 per cent stake) and PetroVietnam (49 per cent), in 2009 to conduct geological exploration, production and transmission of natural gas, gas condensate and crude oil. The company holds a subsurface use license for the Nagumanovskoye and Severo-Purovskoye fields.

“Gazprom stays focused on developing the long-term strategic relationship with Vietnam. We are successful in joint gas production from the Republic's shelf; we are also engaged in oil refining projects as well as develop the NGV sector in Vietnam. Today's agreement will reinforce our partnership in gas production on the Russian territory. It is for the first time when a company from Asia-Pacific acts as a business partner and co-investor of Gazprom's promising fields in Russia,” said Alexey Miller, Chairman of the Gazprom Management Committee, on Tuesday.

The Nagumanovskoye oil, gas and condensate field is located within the Akbulak district of the Orenburg region. It holds 5.8 billion cubic meters of proven in-place gas reserves, 1,683 thousand tons of recoverable condensate reserves and 960 thousand tons of recoverable oil reserves.

Severo-Purovskoye gas and condensate field is situated within the Purovsky district of the Yamal-Nenets Autonomous Area. Its proven in-place gas reserves account for 45.5 billion cubic meters, recoverable condensate reserves – 6,826 thousand tons.