Gazprom, PetroVietnam to Work on Pechora Sea Shelf’s Upstream Projects

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Gazprom Neft reported Monday that it has signed several agreements with Vietnam Oil abd Gas Group (PetroVietnam), including a memorandum on joint oil and gas exploration, production and development projects on the Pechora Sea shelf in Russia.

The upstream agreement, covering Pechora Sea shelf projects with a focus on the Dolginskoye field and the Severo-Zapadnyi (North West) licensed block, was signed in Hanoi, Vietnam by Chairman of Gazprom Alexander Dyukov and his PetroVietnam counterpart Nguyen Xuan Son.

“The two parties have agreed to create a dedicated working group of experts from both companies. By the end of October, the parties will form a list of priority oil and gas fields and agree the basic terms of the partnership before further agreements are signed,” Gazprom said in a press release.

Gazprom and PetroVietnam will then execute the Pechora Sea shelf oil and gas projects through joint ventures and stakes in these partnerships will be decided through negotiations.

 

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