Murphy Oil urged to expand investment in Việt Nam

Murphy Oil urged to expand investment in Việt Nam

The projects are expected to add to domestic oil and gas supply in the coming years.

Minister of Industry and Trade Lê Mạnh Hùng and President and Chief Executive Officer of Murphy Oil Eric M. Hambly and delegates at their meeting on Monday in Hà Nội. — Photo moit.gov.vn

Minister of Industry and Trade Lê Mạnh Hùng on Monday held talks with Eric M. Hambly, president and chief executive officer of Murphy Oil, a US-based oil and gas producer, according to the Ministry of Industry and Trade.

Murphy Oil has operated in Việt Nam since 2012 and currently participates in several offshore oil and gas projects, including Lạc Đà Vàng and Hải Sư Vàng, which are expected to contribute to domestic energy supply.

At the meeting, Hùng highly valued Murphy Oil’s contributions to oil and gas exploration and production activities in Việt Nam.

He called on the company, as operator, to work closely with relevant parties to effectively implement signed contracts, particularly at Blocks 15-1/05 and 15-2/17, ensuring progress, quality and efficiency.

The minister also encouraged Murphy Oil to continue studying and considering new investment opportunities and contracts in Việt Nam on the basis of investment efficiency, harmonised interests among stakeholders, and compliance with Vietnamese law.

For his part, Eric M.Hambly shared the corporation’s global business strategy, affirming that Việt Nam remains an important partner. He thanked the Vietnamese Government and the Ministry of Industry and Trade for facilitating the company’s oil and gas operations in recent years, while proposing several recommendations related to oil and gas activities in the country.

Hùng said the ministry will continue reviewing and creating favourable conditions, in accordance with legal regulations, to support Murphy Oil’s oil and gas operations in Việt Nam. 

Bizhub