Vietnam and Russia sign Arctic offshore agreement

Hanoi: Russia’s Gazprom and its oil arm Gazprom Neft have signed an agreement with the Vietnamese energy company PetroVietnam to jointly develop Russia’s Arctic offshore oil and gas in Siberia.

Gazprom and Petrovietnam agreed Tuesday on the joint exploration of gas deposits in western and southern Siberia while Gazprom’s oil arm, Gazprom Neft, signed a separate deal with Petrovietnam to develop Russia’s Dolginskoye oil field that has reserves estimated at more than 200m tons.

“Today's agreement will strengthen our partnership in the production of gas in Russia. It’s the first time a company from the Asia-Pacific will act as a partner and co-investor in the development of Gazprom’s promising Russian deposits,” Gazprom ceo Alexey Miller said in a statement.

Gazprom and PetroVietnam entered into an agreement in 2009 to jointly operate Vietnam's offshore blocks. [28/11/14]

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