MOSCOW – Two Russian oil giants have signed further agreements with PetroVietnam.
In Gazprom’s case, these included a memorandum of understanding (MoU) on new oil and gas exploration and development projects.
Opportunities under consideration include joint activities in licensed blocks offshore Vietnam and in other countries.
Another MoU concerns power generation projects in Vietnam supplied by gas from the two companies’ projects offshore the country and from Gazprom’s LNG portfolio.
Vietgazprom, the joint operating company established by Gazprom and PetroVietnam on a parity basis, performs exploration activities in blocks 112, 129, and 132 off Vietnam.
Since 2013 Gazprom International and PetroVietnam have co-operated in commercial gas and condensate production from the Moc Tinh and Hai Thach fields in offshore blocks 05–2 and 05–3. The company estimates recoverable gas and condensate reserves at respectively 35.9 bcm and 15.2 MM tons.
Rosneft’s new agreement with PetroVietnam provides for an expansion of cooperation between the parties in Russia, Vietnam, and other countries in hydrocarbon exploration and production (including offshore), processing, commerce and logistics, and staff training.
They will evaluate options for joint projects and establish a working group for each area of cooperation.
Currently the two companies are partners in gas and condensate production and exploration in block 06.1 offshore Vietnam where Rosneft Vietnam is the operator. The PSA area comprises two gas condensate fields, Lan Tay and Lan Do, 370 km (230 mi) offshore in the Nam Con Son basin in water depths of up to 190 m (623 ft).
Initial gas in place is around 66 bcm. Since development started around 50 bcm has been produced.
Rosneft and PetroVietnam also have stakes in the Nam Con Son pipeline which will transport gas and condensate from the Nam Con Son offshore basin blocks to an onshore power generation facility.
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