PVEP, SK Innovation and Murphy complete agreements for block 15-1/05

April 13, 2017 | 15:18

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The US Murphy Oil Corporation, Korea’s SK Innovation and their Vietnamese partner PetroVietnam Exploration Production Corp has completed the transaction of participation right on the petroleum sharing contract for block 15-1/05 in Cuu Long basin offshore Vietnam.

The ceremony of the completion agreements in respect of the petroleum sharing contract (PSC) of block 15-1/05 was signed among those above parties on April 11, 2017.

According to PetroVietnam Exploration Production Corp (PVEP) vice president Cao Huu Binh, this signing ceremony was an important milestone for the long – term comprehensive and strategic collaboration between PVEP, SK and Murphy.

The certificate of investment registration was approved by Vietnamese Ministry of Industry and Trade in which PVEP and SK Innovation will transfer totally 35 per cent of their interest in the PSC of block 15-1/05 to Murphy Cuu Long Bac Oil Co. Ltd.

According to PVEP statement, the tight collaboration between all parties, especially the experience in oil and gas sector of Murphy and SK Innovation will help the contractors achieve and put more and more discoveries into production, along with expanding the exploration in the entire block.

After the ceremony, the contractors will actively carry out the work in order to put Lac Da Vang discovery into production as well as other additional exploration in the entire block.

Additionally, the parties will also discuss the co-operation in the opportunities of 16-2, 17 and other blocks at the potential Cuu Long Basin.

PVEP has exceeded its production targets assigned by the government and PetroVietnam for the first quarter of 2017.

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