PVEP to transfer 5% interest of offshore oil block to Murphy Oil
Vietnam`s PetroVietnam Exploration Production (PVEP) announced signing an agreement to sell 5% working interest in an offshore oil block in Vietnam to US-based Murphy Oil.
Under the agreement, PVEP will jointly develop the block 15-1/05 under a production-sharing contract (PSC) in Cuu Long basin off southern Vietnam with Murphy Oil and South Korea's SK Innovation Co., PVEP said in a statement posted on its website on March 15.
PVEP to transfer 5% interest of offshore oil block to Murphy Oil.
|
PVEP, as stated on its website, hoped the cooperation with Murphy Oil would help it develop small-sized oil fields in a more efficient manner amid low oil prices.
The PSC of the block 15-1/05 was signed on April 11, 2007 between PVN and PVEP (75%-administrator) and SK Innovation (25%)
Murphy Oil has already invested in other offshore Vietnamese oil blocks.
PVEP achieved all its 2017 goals by November 29, 2017 ahead of schedule by exploiting 3.55 million tons of oil and condensate as assigned by PVN, according to the company's year-end report.
Previously, PVEP also accounted for 843 million cubic meters of gas out of the total 2.795 billion cubic meters that PVN exploited by October 8, hitting its target 84 days early.
PVEP's total revenue was estimated at VND31 trillion (US$1.37 billion) as of late November, 1% higher than the target, while revenue to the State budget reached VND7.8 trillion (US$341.6 million), 12% above the yearly plan.
Murphy Oil Corporation began operations in the 1950s. During the past six decades, Murphy has become an independent oil and gas company with extensive capacities and range of operations covering four main areas, including the Gulf of Mexico (USA, Canada), Namibia, Southeast Asia (Malaysia, Vietnam, Indonesia, Brunei), and Australia.
Murphy's crude oil and condensate production around the world in the fiscal year of 2016 averaged at 103,400 barrels per day, stated the firm on its website. Its natural gas liquids averaged 9,200 barrels per day. Total production around the world on a barrel of oil equivalent basis was approximately 175,600 barrels per day throughout the fiscal year of 2016.
12:17, 2025/02/25
Vietnam eyes top 3 in investment environment in ASEAN next 2 years: Party Chief
A key objective is to trim off at least 30% of administrative procedures and cut both business costs and unofficial fees.
18:03, 2025/02/22
Vietnam attracts South Korean tech investment at SEMICON Korea 2025
The event provided a platform for Vietnam to showcase its semiconductor potential and reaffirm its commitment to developing high-tech industries and strengthening international cooperation.
16:46, 2025/02/20
Swedish group plans US$1 billion investment in Binh Dinh recycling plant
By creating a large number of jobs and promoting a green economy, the initiative is important in establishing Vietnam as a global hub for the circular textile sector.
10:52, 2025/02/13
Samsung plans to invest in AI, semiconductors in Vietnam
Vietnam will continue improving its investment environment and driving strategic breakthroughs in order to usher in a new era of economic development.
17:20, 2025/02/07
Vietnam's data center construction costs among the lowest in Asia Pacific
The country has a lot of potential to become one of the most important data markets in the region.
21:05, 2025/02/03
Bright prospects for FDI inflows into Vietnam in 2025
Market size, growth potential, low labor costs, and stable political and social conditions continue to be Vietnam’s selling points in attracting foreign investors.
- Foreign companies confirm investment expansion in Vietnam in 2025
- PM invites Skoda to manufacture electric vehicles in Vietnam
- US Berggruen Holdings to help Vietnam set up investment funds
- Vietnam releases Esports White Book 2022-2023
- Aircraft manufacturer Embraer seeks comprehensive aviation partnership with Vietnam
- Better links with FDI firms to support Hanoi businesses