The signing ceremony took place in Hanoi on April 5 as part of Gazprom Director General Alexey Miller’s visit to Vietnam.
Under the agreement, the Russian RIA Novosti reported that Gazprom will hold 49 per cent of the project’s shares, while Petro Vietnam will keep the remainder.
The project will exploit gas from two blocks, 05.2 and 05.3 on the East Sea.
Vietnam located two gas mines: Moc Tinh and Hai Thach in block 05.2 and 05.3 and one oil mine in block 05.2 with total reserves of 55.6 billion cub.m and 25.1 million tonnes of gas.
Gazprom and Petro Vietnam plan to drill 16 wells at depths of 2,000-4,600 m to exploit gas in these plots.
Gazprom and Petro Vietnam signed a strategic partnership agreement on December 15, 2009, under which the two sides agreed to develop wells in Vietnam’s continental shelf.
Earlier in October 2008, they signed an agreement to exploit oil and gas from wells No 129, 130, 131, and 132 for 30 years.