Accord opens offshore Vietnam field development drilling

Offshore staff

HANOI, Vietnam – Gazprom and Petrovietnam have signed agreements on staff training and on Gazprom International’s involvement in joint development projects offshore Vietnam.

These relate to licensed blocks 05.2 and 05.3 in the South China Sea. Gazprom International will be allocated a 49% interest in the Production Sharing Agreements.

Block 05.2 contains the Kim Cuong Tay oil field discovery, and shares the Hai Tach gas/condensate field with block 05.3. The latter also holds the Moc Tinh gas condensate field. Total volumes of gas and condensate are estimated at 55.6 bcm (1.96 tcf) and 25.1 MMt.

The partners plan to drill 16 production wells 2,000- 4,600 m (6,562-15,092 ft) deep to develop the fields.

In April 2010 the Vietnamese State Expert Review Commission approved the joint development plan for Hai Tach and Moc Tinh.

4/11/2012

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