PV Gas, PVEP partner with Zarubezhneft to tap Vietnam gas field
Russia’s state-owned Zarubezhneft and Vietnamese partners PV Gas and PVEP have agreed to continue their partnership to jointly exploit the Thien Nga-Hai Au gas field off the country’s southeastern region.
The agreement was reached at a meeting at PV Gas’s headquarters in Ho Chi Minh City on Monday between CEO of PV Gas Pham Van Phong, CEO of Zarubezhneft Company EP Vietnam Alexander I. Mikhaylov, and CEO of Petrovietnam Exploration Production Corporation (PVEP) Tran Hong Nam.
CEO of PV Gas Pham Van Phong (second, right) speaks at a meeting with executives of PVEP and Zarubezhneft in Ho Chi Minh City, May 20, 2024. Photo courtesy of PV Gas.
At the meeting, Zarubezhneft EP Vietnam Company briefed the partners about the Thien Nga-Hai Au gas field in Block 12.11, located in the western part of the Nam Con Son basin.
According to the reserve assessment report approved by Prime Minister Pham Minh Chinh in Decision No. 467/QD-TTg dated April 14, 2022, about 7.43 billion cubic meters of gas will be tapped from the Thien Nga-Hai Au field and provided for the southeast region in the 2026-2037 period. The first gas flow is expected in Q4/2026.
For its part, PVEP, a subsidiary of state-run Petrovietnam, also informed the parties about cooperation in exploiting the gas field and bringing gas onshore using the existing the Nam Con Son 1 gas pipeline infrastructure, through the Rong Doi platform in Block 11.2.
CEO of PVEP Tran Hong Nam (first, left) and CEO of Zarubezhneft Company EP Vietnam Alexander I. Mikhaylov (second, left) at a meeting with executives of PV Gas in Ho Chi Minh City, May 20, 2024. Photo courtesy of PV Gas.
This cooperation lays ground for the development of the Rong Doi Moi field and undiscovered reserves in Block 11.2, PV Gas said in a statement on its website.
CEO of PV Gas Pham Van Phong asked PVEP and Zarubezhneft to continue updating the firm on the progress of the Thien Nga-Hai Au field, and coordinate efforts to explore and implement new gas projects and provide gas for the southeastern region.
Zarubezhneft has been present in Vietnam for nearly 40 years with engagement in the Bach Ho (White Tiger), Rong (Dragon), and Thien Ung (Eagle) fields, among others. It holds a 49% stake in Vietsovpetro, a joint venture with Petrovietnam.
Zarubezhneft and PV Gas, also a subsidiary of Petrovietnam, have been partnering to deploy gas projects in Vietnam. On March 15, 2024, they signed a memorandum of understanding on the gas purchase and sale of the Thien Nga-Hai Au field, 320 kilometers southeast of the southern province of Ba Ria-Vung Tau.
Zarubezhneft EP Vietnam B.V. acquired rights to the gas field in June 2023.
- Related News
- Read More
Vietnam's agri major Hoang Anh Gia Lai fined for bond information disclosure failure
Vietnam's agri major Hoang Anh Gia Lai JSC has been fined VND92.5 million ($3,528) for failing to disclose bond-related information as required by law.
Companies - Thu, August 7, 2025 | 4:31 pm GMT+7
Northern Vietnam province accelerates $2.2 bln LNG-to-power project
Quang Ninh province will hand over 4.9 hectares of reclaimed land to the Quang Ninh LNG-fuelled power plant project before August 11, local authorities stated at a meeting on Wednesday.
Energy - Thu, August 7, 2025 | 4:17 pm GMT+7
Vietnam's seafood firms ride profit wave ahead of US tariff hike
Vietnam’s seafood companies reported surging profits in Q2/2025, driven by importers ramping up purchases ahead of new U.S. reciprocal tariffs.
Economy - Thu, August 7, 2025 | 2:21 pm GMT+7
Le Anh Tuan appointed new CEO of Dragon Capital Vietfund Management JSC
Dragon Capital Group, Vietnam's largest asset manager, has appointed Le Anh Tuan as CEO of its arm Dragon Capital Vietfund Management Joint Stock Company (DCVFM), starting from October 1, 2025.
Companies - Thu, August 7, 2025 | 2:01 pm GMT+7
Indonesia, Malaysia, Thailand expand local currency transaction network
Bank Indonesia, Bank Negara Malaysia, and Bank of Thailand have added new Appointed Cross Currency Dealer (ACCD) participating banks to broaden services for bilateral transactions in local currencies across the three nations, Bank Indonesia said in a statement on Tuesday.
Southeast Asia - Thu, August 7, 2025 | 12:48 pm GMT+7
ASEAN to sign MoU on regional power grid implementation
ASEAN member states are set to sign an MoU on the implementation of the ASEAN Power Grid during the bloc’s Energy Ministers’ Meeting this October.
Southeast Asia - Thu, August 7, 2025 | 12:43 pm GMT+7
Vietnam overtakes Thailand to become world's second-largest rice exporter
Vietnam has outranked Thailand as the world’s second-largest rice exporter in the first half of 2025, Thai PBS reported on August 3, citing the Thai Rice Exporters Association.
Companies - Thu, August 7, 2025 | 12:41 pm GMT+7
Vietnam posts trade surplus of $10.18 bln in 7 months
Vietnam’s export earnings grew by 14.8% to $262.44 billion in the first seven months of this year, while its import turnover rose by 17.9% to $252.26 billion, resulting in a trade surplus of $10.18 billion.
Economy - Thu, August 7, 2025 | 12:19 pm GMT+7
Malaysia pledges big purchases, investments with US
Malaysia has agreed to buy and invest over $240 billion (MYR1.02 trillion) in the U.S. to help reduce the trade gap between the two countries.
Southeast Asia - Thu, August 7, 2025 | 12:08 pm GMT+7
Vietnam's leading property developer Novaland to issue 152 mln shares to settle $229 mln debt
Novaland, a major real estate developer in Vietnam, plans to issue nearly 152 million new shares to swap more than VND6 trillion ($228.8 million) worth of bond principal.
Companies - Thu, August 7, 2025 | 10:11 am GMT+7
Vietnam's FDI capital disbursement hits five-year record high despite US tariff turmoil
Disbursed foreign direct investment (FDI) capital in Vietnam reached $13.6 billion in Jan-July, up 8.4% year-on-year, despite U.S. tariff concerns.
Economy - Thu, August 7, 2025 | 9:57 am GMT+7
Malaysia steps up efforts to explore nuclear energy potential
Malaysia’s Minister of Science, Technology and Innovation Chang Lih Kang on Wednesday reaffirmed his ministry’s commitment to enhancing cooperation with the Ministry of Energy Transition and Water Transformation (PETRA) in exploring the potential of nuclear energy.
Southeast Asia - Thu, August 7, 2025 | 8:10 am GMT+7
Indonesia's economy grows faster than expected
Indonesia's economy expanded by 5.12% year-on-year in Q2/2025, up from 4.87% in the previous quarter, exceeding the forecasts of many economic organizations, which had previously projected a rate of less than 5%, according to Statistics Indonesia (BPS).
Southeast Asia - Thu, August 7, 2025 | 8:07 am GMT+7
Philippine energy group eyes investment in Vietnam’s power sector
AboitizPower wants to invest in Vietnam’s electricity industry, especially in transmission infrastructure, said Danel Aboitiz, executive director of the corporation.
Energy - Wed, August 6, 2025 | 11:11 pm GMT+7
Vietnam seeks 8.3-8.5% economic expansion for 2025
The Government has requested the State Bank of Vietnam to proactively adjust the credit growth aim for this year in line with a GDP expansion target of 8.3-8.5%.
Economy - Wed, August 6, 2025 | 10:41 pm GMT+7
Japanese investment in Vietnam shifts toward service, trade, and technology: bank exec
Japanese investment in Vietnam is seeing a notable shift, with sharp increases in the services, trade, and technology sectors, while investment in manufacturing has slowed, said Abe Ryota, a senior economist at Sumitomo Mitsui Banking Corporation (SMBC).
Economy - Wed, August 6, 2025 | 4:06 pm GMT+7
