The joint venture "Gazpromviet" would be established in August 2010

The parties discussed the progress with the previously signed agreements on bilateral cooperation. In particular, the meeting participants positively assessed joint efforts by Gazprom and Petrovietnam on geological exploration of the Vietnamese continental shelf and expressed their confidence that further cooperation between the companies in this field was highly promising.
Alexey Miller and Phung Dinh Thuc considered the opportunities of joint oil and gas projects implementation in Russia and third countries within the Gazpromviet joint venture being set up. In this regard it was noted that all the required approvals had been received at the moment and the joint venture would be established in August 2010.
On September 2000 Gazprom and Petrovietnam signed a contract that contemplated searching for, exploring, producing and marketing hydrocarbons in block 112 offshore Vietnam. As a result of the geological exploration work performed in 2007, the Bao Wang gas and condensate field was discovered in the block.
In order to implement the contract, Gazprom and Petrovietnam established the Vietgazprom joint operating company (JOC), which is currently performing geological exploration on the continental shelf of the Socialist Republic of Vietnam.
In November 2006, Gazprom and Petrovietnam entered into the Agreement of Cooperation promoting, inter alia, interaction between the companies in hydrocarbons exploration, production, transportation and marketing, as well as construction and operation of oil and gas pipelines, and petroleum processing facilities.
In May 2008, Gazprom and Petrovietnam inked the Agreement for Further Cooperation. The Agreement provides for geological exploration and further development of four new blocks offshore Vietnam, as well as for incorporation of the Gazpromviet joint venture to run its business in Russia and third countries with the following shareholding structure: Gazprom – 51 per cent and Petrovietnam – 49 per cent.
In October 2008 Gazprom and Petrovietnam signed a 30-year Oil and Gas Contract for blocks 129, 130, 131, 132 in the continental shelf of the Republic of Vietnam. The document stipulates hydrocarbons exploration, development and production in these blocks. The Contract will be implemented on the production sharing terms. Pursuant to the Contract, Vietgazprom will act as the project operator. At the stage of geological exploration the project financing will be carried out by  Gazprom. As part of the Contract, 2D seismic exploration and geochemical research operations were performed, with the data obtained are under processing and interpretation.
Gazprom and Petrovietnam entered into the Strategic Partnership Agreement on December 15, 2009.
Pursuant to the document, the parties will continue joint activities in the blocks of Vietnam’s continental shelf as part of the previously signed Oil and Gas Contracts and explore the possible ways of cooperation between the companies in free licensed blocks.
In addition, the Agreement provides for active interaction between Gazprom and Petrovietnam in oil and gas projects execution in Russia, Vietnam and third countries as part of the Gazpromviet joint venture being set up.
The Nagumanovskoye oil, gas and condensate field located in the Orenburg Oblast was defined as the basic object of the companies’ cooperation in Russia.