Gazprom, which has already invested in several oil and gas projects in Vietnam, last year signed a new agreement on the development of the Bao Vang gas field and a power station in the central part of country.

BLOOMBERG - Vietnam’s state-owned oil company said South China Sea tensions will hurt oil and gas exploration and efforts to attract foreign investment to offshore fields.

The group exploited 10.32 million tons of crude oil and 6.56 billion cubic metres of gas in the first seven months.

The agreement provides for the expansion of cooperation between the parties in Russia, Vietnam and third countries in the area of hydrocarbon exploration and production (including offshore), processing, commerce and logistics, as well as staff training. The parties agreed to consider potential options for joint projects and define the basic terms of cooperation as well as establish a working group for each of the areas of cooperation.

The parties plan to examine further opportunities for mutually beneficial cooperation in the field of hydrocarbon prospecting, exploration and development. Among the opportunities being considered are joint activities within new projects at licensed blocks on the shelf of Vietnam and in third countries.

The parties focused, inter alia, on the exploration activities in blocks 112 and 129–132 and the joint development of the Moc Tinh and Hai Thach fields. It was noted that the construction of 12 production wells, three production platforms, a floating hydrocarbon storage terminal, and a submarine pipeline system had been completed at these fields. The total accumulated production from the Moc Tinh and Hai Thach fields since its launch in 2013 has now reached 4.5 billion cubic meters of gas and 1.1 million tons of gas condensate.

Russia’s JSC Gazprom Neft has entered an agreement with Vietnam National Oil & Gas Group (PetroVietnam) to purchase a 49% interest in the 6.5 million-tonne/year Dung Quat refinery.

Further to its exclusive talks on possible cooperation, JSC Gazprom Neft and PetroVietnam have set October as a tentative deadline for prioritizing prospects and terms for their partnership at Dolginskoye field and the Severo-Zapadnyi (North West) blocks in Russia’s Pechora Sea.

Россия и Вьетнам приняли Совместное заявление о поступательном продвижении всеобъемлющего стратегического партнерства между двумя странами, этот документ подписали президент РФ Владимир Путин и Генеральный секретарь ЦК Компартии Вьетнама Нгуен Фу Чонг после переговоров.

Gazprom and Petrovietnam discuss future cooperation in oil and gas sector