The Gazprom Headquarters today has hosted a working meeting between Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee and Tran Ngoc Canh, President & Chief Executive Officer of Petrovietnam Vietnam Oil and Gas Corporation.

The parties discussed matters of interaction in the gas sector within the Petroleum Contract for block 122 offshore the Socialist Republic of Vietnam as well as the progress with the preparation of a bilateral Agreement for Cooperation.

The parties identified a string of promising joint businesses including hydrocarbon extraction and processing projects in the Socialist Republic of Vietnam, a General Scheme for the Vietnamese gas industry development as well as projects in third countries.

The parties reached the agreement to exchange concrete proposals on the above projects in the first half of October 2006.

Reference:

The Petroleum Contract for block 122 offshore the Socialist Republic of Vietnam was signed during the Russia-Vietnam summit held on September 11, 2000 in Moscow.

The Contract contemplates searching for, exploring, producing and marketing hydrocarbons.

Preparations are currently underway to launch drilling of appraisal wells.

The regulatory documents for the environmental impact assessment have been agreed on with the Natural Resources Ministry of Vietnam. Drilling of appraisal wells is due to begin in November 2006.