Posted by OilVoice Press - OilVoice
Alexey Miller, Chairman of the Gazprom Management Committee, Nguyen Vu Truong Son, CEO, Member of the Board of Directors of PetroVietnam, and Nguyen Quan Chinh, Vice Chairman of the Quang Tri Provincial People's Committee, today signed in Sochi a Memorandum of Cooperation.
The signing ceremony took place in the presence of Vladimir Putin, President of the Russian Federation, and Nguyen Phu Trong, General Secretary of the Central Committee of the Communist Party of the Socialist Republic of Vietnam.
Nguyen Quan Chinh, Nguyen Vu Truong Son, and Alexey Miller at signing ceremony. Photo by TASS
The Memorandum reflects the intention of the parties to deliver an integrated project. It envisages supplying gas from the Bao Vang field (discovered by Vietgazprom, a joint operating company established by Gazprom and PetroVietnam) to a power plant that will be built in the Quang Tri Province in the central part of Vietnam. At present, efforts are underway to establish within the Quang Tri Province a special area – the Dong Nam Economic Zone – where it is planned to set up industrial, logistics and port infrastructure.
In line with the Memorandum, additional exploration will be carried out at the Bao Vang field, with an updated reserves estimate and, if deemed economically viable, an option for follow-up development. The power plant construction project is currently under consideration at the Ministry of Industry and Trade of Vietnam. According to the Memorandum, the project will be included into the government plan for the development of Vietnam's power industry until 2030.
“Gazprom and Vietnam have a long history of partnership in a variety of areas. The new joint project will allow us to increase the economic effectiveness of our hydrocarbon exploration and marketing efforts in Vietnam. It will also stimulate infrastructure development throughout the country's central region, including the Dong Nam Economic Zone, and will help preserve the ecological balance thanks to the use of eco-friendly fuel,” said Alexey Miller.
Vietnam's PetroVietnam Group is focused on hydrocarbon exploration, production, processing, transportation and marketing. Gazprom and PetroVietnam collaborate under the Agreement on strategic cooperation.
Vietgazprom, a joint operating company established by Gazprom and PetroVietnam on a parity basis, is engaged in exploration in licensed blocks Nos. 111/04, 112, 113 and 129–132 located on the continental shelf of Vietnam. In 2007–2016, the Bao Vang and Bao Den gas and condensate fields were discovered along with the Than Bien deepwater petroleum gas field. Gazprom is represented in the joint venture by Gazprom EP International B.V., a specialized company for the implementation of hydrocarbon prospecting, exploration and development projects outside Russia.
Since 2013, Gazprom EP International B.V. and PetroVietnam have been engaged in commercial gas and condensate production from the Moc Tinh and Hai Thach fields offshore Vietnam.
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