March 16, 2018 / 11:11 AM / 4 months ago

Vietnam oil firm sells 5 pct interest at offshore block to Murphy Oil

HANOI, March 16 (Reuters) - Vietnam’s PetroVietnam Exploration Production Corp., or PVEP, has signed an agreement to sell a 5 percent working interest in an oil block offshore Vietnam to U.S.-based Murphy Oil Corp., the Vietnamese company said.

Under the agreement, PVEP will jointly develop the 15-1/05 production-sharing contract 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 Thursday.

The company, the leading exploration-and-production arm of the state-run Vietnam Oil & Gas Group, or PetroVietnam, didn’t disclose the value of the deal.

PVEP said it hoped the cooperation with Murphy Oil would help it develop small-sized oil fields in a more efficient manner amid low oil prices.

Murphy Oil has already invested in other oil blocks offshore Vietnamese. (Reporting by Hanoi Newsroom Editing by Mark Potter)

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