X

Sign Up To Our Free Newsletter

Join Now

Thanks for subscribing to our free newsletter!

ERROR

  • 4 minutes IMPORTANT ARTICLE BY OILPRICE.COM EDITOR - "Naked Short Selling: The Truth Is Much Worse Than You Have Been Told"
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 10 mins Texas forced to have rolling black outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 10 hours Wednesday Nikki Haley reached out to Trump for meeting at Mar-a-lago. Trump said No ! You blew it Nikki . . .
  • 16 hours NYT:  The Supreme Court’s order (Re:  Trump’s tax returns) set in motion a series of events that could lead to the startling possibility of a criminal trial of a former U.S. president
  • 38 mins The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 3 hours Retired RAF pilot wins legal challenge over a wind farm
  • 19 hours Disaster looming in UK offshore wind power
  • 20 hours The latest GOP nonsense on Texas shows us the future Republicans want
  • 1 day The good ol' days.
  • 1 hour Minerals, Mining and Industrial Ecology
  • 24 hours The Cyberpandemic has Begun: SolarWinds + FireEye – Gmail & Google services down
  • 21 hours U.S. Presidential Elections Status - Electoral Votes
Europe’s Rare Earth Dependency Dilemma

Europe’s Rare Earth Dependency Dilemma

Europe is basing its future…

Should You Follow Buffett Into Energy Stocks?

Should You Follow Buffett Into Energy Stocks?

Buffett has lately been doubling…

Vietnam Issues Decree Against Illegal Oil & Gas Drilling

Vietnam’s government has issued a decree against illegal oil and gas exploration in its waters in the South China Sea, threatening fines and property seizures for violators, regardless of whether they are Vietnamese or foreign entities.

Vietnam has a long-standing dispute with China regarding offshore exploration in the South China Sea. In fact, China has this sort of disputes with all of its neighbors as it claims territorial rights to most of the basin that may hold 28 billion barrels of oil, according to an estimate from the U.S. Geological Survey from the mid-90s. Since then, with technology improvements, this figure could have increased substantially. Of course, low oil prices or no low oil prices, everyone wants a piece of the oil pie, and China wants the biggest one. 

But Vietnam and the other countries around the South China Sea also want their fair share of the oil wealth, and that is despite the current industry crisis that has made a lot of exploration commercially unviable.

In the last couple of years, Vietnam has been vocal about China interfering with its offshore exploration using threats to discourage these activities. It stands to gain a lot in terms of oil revenues—in a better-price future—if exploration is successful. And it has the support of companies such as Exxon and Rosneft, who appear to share the belief that the Vietnamese section of the South China Sea could become a treasure trove of oil and gas. But China is not backing down.

In July, the media reported that China was exerting pressure on Vietnam to terminate an exploration project in partnership with Rosneft. As a result of this pressure, the Rosneft-PetroVietnam venture canceled an order for a drilling rig it had placed with Noble Corp.

The new decree about offshore exploration could be seen as David flexing his muscles at Goliath with little else it can do to topple the giant or at least push it out of its waters.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News