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.