PetroVietnam-Gazprom venture pumps billions of cubic meters from East Sea gas fields

By Toan Dao   April 27, 2016 | 03:42 pm GMT+7

The Vietnam-based Bien Dong Petroleum Operating Company, a 51:49 joint venture between PetroVietnam and Russia's Gazprom, has produced 4.5 billion cubic meters of natural gas and 1.1 million tons of gas condensate from the Hai Thach and Moc Tinh gas fields in Vietnam’s East Sea since August 2013, according to a Gazprom statement released on Tuesday.

The two fields are part of the joint venture's key Bien Dong 01 project in the East Sea. Its geological conditions are very demanding with high temperatures and depths of 140m, PetroVietnam said.

The company has completed the construction of 12 production wells, three production platforms, a floating hydrocarbon storage terminal and a submarine pipeline system at the two fields, said Gazprom.

PetroVietnam said in late December last year that Bien Dong POC plans to produce 2 billion cubic meters of natural gas and 525,000 tons of gas condensate in 2016. The company’s sales value is expected to reach $565 million this year.

Gazprom signed an agreement with PetroVietnam to buy a 49 percent in Bien Dong POC in April 2012. The agreement covers the Kim Cuong Tay oil field and two gas and condensate fields. The aggregate reserves of the two gas and condensate fields are estimated at 55.6 billion cubic meters of gas and 25.1 million tons of condensate. The first gas from the project was pumped in August 2013, according to Gazprom.