Gazprom and Petrovietnam getting ready for signing Agreement to develop Nagumanovskoye and Severo-Purovskoye fields

abarrelfullabarrelfull wrote on 16 Mar 2015 10:14
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The Gazprom headquarters hosted today a working meeting between Alexey Miller, Chairman of the Company's Management Committee and Nguyen Quoc Khanh, President and CEO of the PetroVietnam Oil and Gas Group.

The parties appreciated the bilateral cooperation in the hydrocarbon production area, mentioning that in 2014 Vietnam had produced 1.69 billion cubic meters of gas and 351 thousand tons of gas condensate from the Moc Tinh and Hai Thach fields. The planned production level (2 billion cubic meters of gas) is expected to be reached in 2016. Intense efforts are being taken to prepare the Operating Agreement on major terms and conditions of the projects for developing the Nagumanovskoye and Severo-Purovskoye fields in Russia.

The meeting also looked at the cooperation prospects in production, treatment and supply of oil and petroleum products and, in particular, at the package of documents needed to be signed for developing the Dolginskoye field and upgrading the Dung Quat refinery.

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 November 2014 Gazprom and PetroVietnam signed the Framework Agreement on terms and conditions of the joint development of the Nagumanovskoye (Orenburg Region) and Severo-Purovskoye (Yamal-Nenets Autonomous Area) 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).

In November 2014 Gazprom Neft and PetroVietnam inked the agreement stipulating the start of exclusive talks on possible cooperation in the exploration and development of the Dolginskoye field (estimated recoverable reserves exceed 200 million tons of oil equivalent) on the Pechora Sea shelf.

Dung Quat, Vietnam's only oil refinery, has an output of 6.5 million tons per year. In 2013 Gazprom Neft and PetroVietnam entered into the framework agreement setting out the key terms and conditions of acquiring a stake in Dung Quat and its future upgrade. In the end of 2014 Gazprom Neft and Binh Son Refining and Petrochemical signed the long-term agreement on delivering ESPO oil to Dung Quat.


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