An oil rig in the Caspian Sea

PetroVietnam, Murphy and ExxonMobil Collaboration

Vietnam

HANOI, July 14, 2015 – On Monday, PetroVietnam, Vietnam’s national oil company inked two separate agreements for collaborative works with Murphy Oil and ExxonMobil in a concerted effort to boost the country’s oil and gas projects.

 

The collaborations follow PetroVietnam’s June acquisition of Chevron companies operating in Vietnam. The transaction expanded the company’s portfolio to include two production-sharing contracts in addition to a 28.7-percent stake in the block B gas project. Murphy Oil has expressed interest in participating in the block B development. The two companies will also work together on developments in  the Gulf of Mexico as well as one other location, to be decided at a later date.

“The block B gas project is PetroVietnam’s main oil and gas project … the acquisition … will facilitate the acceleration of field development and the implementation of the component projects in order to make gas more quickly available to serve the development needs of the national economy,” PetroVietnam Chairman Nguyen Xuan Son said in PetroVietnam’s June 17 press released.

PetroVietnam executives also met with ExxonMobil on Monday to reaffirm their commitment to a framework agreement between the two entities signed in July of 2013 for the development of the Ca Voi Xanh (Blue Whale) project. ExxonMobil has developed a timeline for the project, which is expected to give the first gas flow by 2021.

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