Vietnam and United States signed an agreement on petroleum cooperation

Vietnam and United States signed an agreement on petroleum cooperation - 

In the framework of the official visit to the United States, on July 8, 2015 afternoon, at the US Chamber of Commerce, the General Secretary of the  Vietnamese Communist Party Nguyen Phu Trong witnessed a ceremony for signing several important documents on cooperation between Vietnam and US enterprises, including the agreement on cooperation between PetroVietnam and US Murphy Oil.

General Secretary Nguyen Phu Trong witnessed the signing Ceremony for signing the cooperation agreement between PetroVietnam and US Murphy Oil.

According to MOU of Cooperation agreement signed by the Chairman of Management Board PetroVietnam Nguyen Xuan Son and Chairman cum CEO of US Murphy Oil Corporation Roger W.Jenkins, Petrovietnam and US Murphy Oil will promote the cooperation opportunities in oil and gas projects in Vietnam, the United States and in a third country.

Murphy Oil Corporation started their operation since the middle of XX century. Experiencing more than six decades of development up today, Murphy has become a petroleum corporation of an ability and operating range spreading on four major areas of the world as Mexico bay, Mediterranean sea, Southeast Asia and Australia with a petroleum reserve of about 495.6 million barrels of oil and 1.15 trillion cubic feet of gas. Average mining production reachs over 135 thousand barrels of oil per day and 423 million cubic feet of gas per day.

Murphy has financial potential, advanced experience and high technology for petroleum search, exploration and exploitation fields, especially for oil and gas objects in the new and offshore deep water areas.

Murphy considers Vietnam as a full potential market with a large-scale and long-term development strategy and values Petrovietnam as a dynamic, effective and goodwill partner for cooperation. Murphy pays a special attention to participate developing the gas project in Lot B, Malaysia – Tho Chu (Vietnam) basin and some Lots in Cuu Long basin. Besides, Murphy welcomes PetroVietnam to participate in the projects of Mexico bay.

At the same day, Petrovietnam mission had a meeting with US ExxonMobil.

2 years ago, in July 2013, in Washington DC, a framework agreement between PetroVietnam and ExxonMobil on developing the Blue Whale project, offshore Vietnam was signed with an aim to establish a roadmap, strategy and overall plan for developing the project until the first gas flow by the method of using low heat value gas.

Besides, ExxonMobil always assesses Vietnam market as an attractive destination to attract investment and has a lot of plans for a deeper and larger cooperation with Petrovietnam. With a great goodwill, ExxonMobil always desires to get the support, favorable conditions from the State, ministries of Vietnam for cooperation between the two Groups more and more developing and bringing interests for the both sides.

According to the plan, in the most favorable condition, the Blue Whale mine will give the first gas flow and electricity from this gas by 2021.

At the meeting, ExxonMobil has appreciated the efforts of Petrovietnam and PetroVietnam Exploration and Production Corporation (PVEP) – the major unit of PetroVietnam in cooperation with ExxonMobile to actively promote developing Blue Whale project.

PetroVietnam Chairman, Mr. Nguyen Xuan Son high appreciated goodwill of investment and cooperation of ExxonMobil in Vietnam and informed that PetroVietnam always pays a special attention for the Blue Whale project. He also affirmed the cooperation agreements and contracts signed with ExxonMobil will be properly implemented on a viewpoint of together sharing and creating the best conditions for development.

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