Russian-Vietnamese JV discovers gas field off Vietnam’s coast

Russian-Vietnamese joint venture has discovered a natural gas field off Vietnam’s coast, the Prime-Tass economic news agency said with reference to Gazprom’s information department.

Vietgazprom, a joint venture of Vietnamese energy monopoly Petrovietnam and Russian gas giant Gazprom tapped gas at block 112 in waters of Bak Bo as a result of a geological survey and test drilling of the first well of the Bao Vang field.

According to estimates, gas influx made up 400,000 cubic meters per day. Gas condensate reserves also have been found.

Experts plan to make a comprehensive estimation of hydrocarbon reserves soon and outline proposals for further geological surveys on the field.

Gazprom and Petrovietnam signed a contract back on September 11, 2000, on joint exploration and development of block 112 off Vietnam’s central coast. The contract also envisions hydrocarbons marketing.

On November 20, 2006, the two companies signed a cooperation agreement.

Gazprom also explores offshore hydrocarbon reserves in Venezuela, India and the Caspian Sea and studies opportunities for participation in oil and gas projects in Algeria, Bolivia, Egypt, Libya and Pakistan.

Source: ITAR-TASS

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