Gazprom and PetroVietnam to drill first deep-water well offshore Vietnam this year
Background
Vietgazprom, joint operating company of Gazprom and PetroVietnam, is engaged in exploration activities in blocks No. 112, 129, 130, 131, 132 located on the continental shelf of Vietnam. In 2013 Gazprom and PetroVietnam launched commercial gas production from the Moc Tinh and Hai Thach fields of 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 2014 Gazprom and PetroVietnam signed the Framework Agreement on terms and conditions of the joint development of the Nagumanovskoye and Severo-Purovskoye fields.
The Nagumanovskoye oil, gas and condensate field holds 5.8 billion cubic meters of proven in-place gas reserves, 1,683 thousand tons of recoverable condensate reserves and 960 thousand tons of recoverable oil reserves. The proven in-place gas reserves of the Severo-Purovskoye gas and condensate field account for 45.5 billion cubic meters, the recoverable condensate reserves – 6,826 thousand tons. Gazpromviet holds a subsurface use license for both fields (Gazprom – 51 per cent, PetroVietnam – 49 per cent).
Dung Quat, Vietnam’s only oil refinery, has an output of 6.5 million tons per year.
In late 2014 Gazprom Neft and Binh Son Refining and Petrochemical signed the long-term agreement on delivering ESPO oil to Dung Quat.
In April 2015 Gazprom Neft and PetroVietnam signed the Heads of Agreement on acquiring a stake in the oil refinery by Gazprom Neft.
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