PJSC Gazprom and Vietnam Oil and Gas Group, or PetroVietnam, have inked a memorandum of cooperation to supply natural gas to a power plant to be built in the central part of Vietnam.
The Bao Vang field, which was discovered by Vietgazprom, a joint venture between Gazprom and PetroVietnam, will supply gas to the plant in the Quang Tri Province, according to a Sept. 6 news release.
Additional exploration will be carried out at the Bao Vang field, with an updated reserves estimate and, if deemed economically viable, an option for follow-up development.
The power plant construction project is under consideration at the Ministry of Industry and Trade of Vietnam.
"The new joint project will allow us to increase the economic effectiveness of our hydrocarbon exploration and marketing efforts in Vietnam. It will also stimulate infrastructure development throughout the country's central region, including the Dong Nam Economic Zone," Alexey Miller, chairman of the Gazprom Management Committee, said.