Under the agreement, PVEP will jointly develop the block 15-1/05 under a production-sharing contract (PSC) 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 March 15.
PVEP to transfer 5% interest of offshore oil block to Murphy Oil.
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PVEP, as stated on its website, hoped the cooperation with Murphy Oil would help it develop small-sized oil fields in a more efficient manner amid low oil prices.
The PSC of the block 15-1/05 was signed on April 11, 2007 between PVN and PVEP (75%-administrator) and SK Innovation (25%)
Murphy Oil has already invested in other offshore Vietnamese oil blocks.
PVEP achieved all its 2017 goals by November 29, 2017 ahead of schedule by exploiting 3.55 million tons of oil and condensate as assigned by PVN, according to the company's year-end report.
Previously, PVEP also accounted for 843 million cubic meters of gas out of the total 2.795 billion cubic meters that PVN exploited by October 8, hitting its target 84 days early.
PVEP's total revenue was estimated at VND31 trillion (US$1.37 billion) as of late November, 1% higher than the target, while revenue to the State budget reached VND7.8 trillion (US$341.6 million), 12% above the yearly plan.
Murphy Oil Corporation began operations in the 1950s. During the past six decades, Murphy has become an independent oil and gas company with extensive capacities and range of operations covering four main areas, including the Gulf of Mexico (USA, Canada), Namibia, Southeast Asia (Malaysia, Vietnam, Indonesia, Brunei), and Australia.
Murphy's crude oil and condensate production around the world in the fiscal year of 2016 averaged at 103,400 barrels per day, stated the firm on its website. Its natural gas liquids averaged 9,200 barrels per day. Total production around the world on a barrel of oil equivalent basis was approximately 175,600 barrels per day throughout the fiscal year of 2016.
