OREANDA-NEWS. October 29, 2008. Today, in the presence of Dmitry Medvedev, President of the Russian Federation and Nguyen Minh Triet, President of the Socialist Republic of Vietnam, Alexey Miller, Chairman of Gazprom’s Management Committee and Tran Ngoc Canh, President of the Vietnam National Oil and Gas Group, Petrovietnam, signed a 30-year Oil and Gas Contract for Blocks 129, 130, 131, 132 in the Vietnam continental shelf.

The Contract stipulates exploration, development and production of hydrocarbons in these blocks offshore Vietnam.

The Contract will be implemented on the PSA terms. Vietgazprom, the Joint Operating Company of Gazprom and Petrovietnam will act as the project operator.

At the stage of geological exploration the project financing will be effectuated by Gazprom.

The parties have also signed the Primary Provisions for setting up a joint venture, Gazpromviet, to secure the companies’ cooperation in Russia and third countries. The company’s shareholding structure is as follows: Gazprom – 51 per cent, PVN Petrovietnam – 49 per cent. In this project Gazprom will be represented through Gazprom zarubezhneftegaz.

The Nagumanovskoye field located in the Orenburg Oblast has been defined as the major object of the companies’ cooperation in Russia.