"The agreement envisions prospecting work and further development of four new blocks on the Vietnamese shelf. Vietgazprom will be the project operator," the company said.
The agreement also envisions the establishment of a new joint venture, Gazpromviet, to ensure the companies' participation in oil and gas projects in Russia and abroad.
A Gazprom delegation led by CEO Alexei Miller arrived in Vietnam on Friday. Miller met with the Vietnamese president and prime minister, and with Petrovietnam officials to discuss further cooperation and the implementation of Gazprom's projects in Vietnam.
Vietgazprom, a joint venture set up by Gazprom and Petrovietnam, is conducting prospecting work on the country's continental shelf in line with a 2000 contract envisioning the exploration, production and sale of hydrocarbons.
Gazprom and Petrovietnam signed a cooperation agreement in November 2006, in line with which the companies cooperate in prospecting and development of oil and gas fields, as well as transportation and sales, and construction and maintenance of oil and gas pipelines and other infrastructure.
The document also foresees the companies' interaction in projects in third countries.