AO Gazprom, the world’s largest natural gas producer, plans to develop two blocks with Vietnam Oil & Gas Group off the coast of the Asian nation, Bloomberg reported.
Gazprom will take 49 percent of the project with PetroVietnam, as the state-owned company is known, to develop the 05.2 and 05.3 blocks, the Russian gas producer said today. The partners will work under a production-sharing agreement, Gazprom said.
PetroVietnam and Gazprom are already working together exploring for oil and gas offshore Vietnam, the country which has been Russia’s ally since the Soviet era.
The two blocks in the South China Sea cover two discovered gas and condensate fields, Moc Tinh and Hai Thach, with total reserves of 55.6 billion cubic meters of gas and 25.1 million tons of condensate, Gazprom said. There is also an oil field at one of the blocks (Bloomberg).