Background

Vietnam Oil and Gas Group, PetroVietnam, is focused on hydrocarbon exploration, production, processing, transportation and marketing.

Vietgazprom, the joint operating company established by Gazprom and PetroVietnam on a parity basis, conducts exploration activities in blocks 112 and 129–132 located on the continental shelf of Vietnam. Gazprom is represented in the joint venture by Gazprom International, a specialized company for the implementation of hydrocarbon prospecting, exploration and development projects outside Russia.

Since 2013, Gazprom International and PetroVietnam have been engaged in commercial gas and condensate production from the Moc Tinh and Hai Thach fields within licensed blocks 05–2 and 05–3 offshore Vietnam (with recoverable gas and condensate reserves amounting to 35.9 billion cubic meters and 15.2 million tons respectively).

In 2009, Gazprom and PetroVietnam entered into the Agreement on Strategic Partnership envisaging, inter alia, the companies' cooperation in oil and gas projects in Russia, Vietnam, and third countries.

In 2015, Gazprom and PetroVietnam signed the Agreement on the major terms and conditions of developing the Nagumanovskoye (Orenburg Region) and Severo-Purovskoye (Yamal-Nenets Autonomous Area) fields. Gazpromviet (Gazprom – 51 per cent, PetroVietnam – 49 per cent) holds development licenses for both fields.

In 2015, PVGAZPROM Natural Gas for Vehicles, a joint Russian-Vietnamese company focused on the use of natural gas as a vehicle fuel, was registered. The joint venture consists of Gazprom International (35.5 per cent), Gazprom Gazomotornoye Toplivo (35.5 per cent), and PETROVIETNAM GAS (29 per cent).