PetroVietnam, Gazprom Sign Agreement to Develop Two Russian Oil, Gas Fields

PetroVietnam and Gazprom have signed an agreement on major terms and conditions of the projects for developing the Nagumanovskoye and Severo-Purovskoye fields in Russia.

Alexey Miller, Chairman of the Company's Management Committee and Nguyen Quoc Khanh, President and CEO of the PetroVietnam Oil and Gas Group inked the agreement on the sidelines of St Petersburg International Economic Forum 2015 late last week, PetroVietnam said in a statement published Monday.

In November 2014 Gazprom and PetroVietnam signed the framework agreement on terms and conditions of the joint development of the two fields.

The Nagumanovskoye oil, gas and condensate field 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. The proven in-place gas reserves of the Severo-Purovskoye gas and condensate field account for 45.5 billion cubic meters, the recoverable condensate reserves – 6,826 thousand tons. 

Gazpromviet holds a subsurface use license for both fields (Gazprom – 51 per cent, PetroVietnam – 49 per cent).