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azprom to explore Vietnam’s offshore fields   2008-05-25 - Reuters

Russian state-controlled gas export monopoly Gazprom said over the weekend it has signed an agreement with Vietnam’s state oil monopoly PetroVietnam to explore four new offshore blocks.



Gazprom said in a statement that joint company VietGazprom, which has been exploring a Vietnamese offshore deposit since 2000, will operate the new fields.

Gazprom also said the two firms would create a separate joint venture, GazpromViet, to take part in oil and gas projects in Russia and third countries.

Russian state oil firm Zarubezhneft,a pioneer in Vietnam’s oil industry, will represent Gazprom in the new venture, said the statement.

Zarubezhneft and PetroVietnam are already long-time partners in their equal joint venture Vietsovpetro, which produces around 8 million tons per year (160,700 barrels per day) on offshore fields in Vietnam.

The two companies said earlier this month that they were creating a new consortium to develop 13 new oil deposits in Russia’s West Siberian Nenets region, where they plan to produce up to 130,000 bpd in 10 years.

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