Business

PVEP sells 5 percent interest in Block 15-1/05 to Murphy

The PetroVietnam Exploration Production Corporation (PVEP) has signed a deal on the transfer of a 5-percent interest and the administration right in Block 15-1/05 to Murphy Cuu Long Bac Oil Co. Ltd.
PVEP sells 5 percent interest in Block 15-1/05 to Murphy ảnh 1PVEP transfers 5 percent interest in Block 15-1/05 to Murphy - Illustrative image (Source: VNA)

Hanoi (VNA) – The PetroVietnam Exploration Production Corporation(PVEP) has signed a deal on the transfer of a 5-percent interest and theadministration right in Block 15-1/05 to Murphy Cuu Long Bac Oil Co. Ltd.

According to PVEP, Block 15-1/05 is located in the Cuu LongBasin off the southern coast of Vietnam managed by the PetroVietnam DomesticExploration Production Operating Company Limited (PVEP-POC).

The Product Sharing Contract of Block 15-1/05 was signed onApril 11, 2007 between the Vietnam National Oil and Gas Group (PetroVietnam)and two contractors, namely PVEP (75 percent – administrator) and SKCorporation (25 percent).

In August 2015, PVEP and Murphy inked an agreement oninterest transfer, which recognised the participation of Murphy in the Block15-1/05 project.

After negotiations, they reached a consensus on transferringto Murphy 5 percent of interests and the administration right of PVEP under theProduct Sharing Contract of Block 15-1/05.

Speaking at the signing ceremony, PVEP Deputy DirectorGeneral Pham Nhu Khanh said that in the context that the world’s oil price hasyet to recover, the development of small and marginal oil fields faces a lot ofdifficulties, and requires solutions and experience.

Therefore, cooperating with Murphy – a partner experiencedin developing small and marginal oil fields- will help facilitate the progressof the project.-VNA
VNA
#PetroVietnam Exploration Production Corporation #PVEP #Block 15-1/05 #Murphy #5-percent interest #administration right #transfer #Cuu Long Basin #Vietnamplus #Vietnam News Agency
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