Gazprom Acquires Stake in Offshore Vietnam Blocks

Gazprom delegation, led by Alexey Miller, Chairman of the Gazprom Management Committee, yesterday made a business trip to the Socialist Republic of Vietnam.

The talks were held with Do Van Hau, President and CEO of Petrovietnam State Oil and Gas Corporation and Phung Dinh Thuc, Chairman of the Petrovietnam Board of Directors. Nguyen Tan Dung, Prime Minister of the Socialist Republic of Vietnam welcomed the Gazprom delegation.

During the visit, a working meeting took place between Alexey Miller and Truong Tan Sang, President of Vietnam. The parties discussed prospects of the Russian-Vietnamese partnership in the energy sector as well as bilateral cooperation under the ongoing and future projects.

In presence of the Vietnamese President, the parties signed the agreements on staff training and retraining as well as on Gazprom involvement in joint development projects for Licensed Blocks 05.2 and 05.3 offshore Vietnam.

The document stipulates that Gazprom will obtain a 49 per cent stake in the Production Sharing Agreements that set forth the conditions required for implementing the project. Gazprom International represents the Russian interests in this project.

“I would like to express my gratitude towards the Vietnamese senior officials for supporting the Russian-Vietnamese joint initiatives. For many years Gazprom has been successfully implementing the large-scale projects offshore Vietnam. The Agreement signed today shows that Russia and Vietnam have a mutual interest to deepen the multifaceted partnership that engages hydrocarbon development in Vietnam, Russia and third countries, as well as cooperation under our Eastern Gas Program, staff training and personnel career development, and prospects for cooperation in the energy sector,” said Alexey Miller.

[mappress]
Offshore Energy Today Staff, April 6, 2012