Global oilfield services group GE Oil and Gas has signed a memorandum of understanding (MoU) with PetroVietnam that will pave the way for investment in training and technology.

The agreement was signed by Nguyen Quoc Thap, vice-president of Petrovietnam and Marco Caccavale, general manager of GE Oil & Gas for the North America region, in the presence of His Excellency Mr. Nguyen Tan Dung, prime minister of the Socialist Republic of Vietnam.

"We are dedicated to supporting the continued development of oil and gas resources in Vietnam and are capable of delivering technologically advanced projects of significant scale," commented Claudi Santiago, president and chief executive of GE Oil and Gas.

PetroVietnam has also this month strengthened ties with Azerbaijani oil and gas firm SOCAR after a state visit to the country.

In addition to training cooperation, both parties expressed an interest in pursuing further exploration and production partnerships to maximise oil and gas production in both countries.

Getenergy for Russia & CIS, 19th – 20th May 2010 - Moscow