Monday 19 March 2018

PVEP, a subsidiary of the national oil and gas group PVN, has signed an agreement to transfer 5% of its drilling and executive rights, at Block 15-1/05 off the coast of Vietnam, to the Murphy Oil Corporation.

According to PVEP, Block 15-1/05 belongs to the Cuu Long Basin under the operation of PVEP-POC, a subsidiary of PVEP.

The production sharing contract for Block 15-1/05 was signed on 11 April 2007 between PVN and a consortium of two contractors, namely PVEP (75%) and SK Corporation (25%).

In August 2015, PVEP and Murphy Cuu Long Bac Oil Co. Ltd signed a rights transfer agreement, allowing Murphy to participate in Block 15-1/05.

With the approval of PVN, PVEP and Murphy have agreed on the content of the agreement to transfer 5% of PVEP’s drilling and executive rights in the block to Murphy.