{"id":61214,"date":"2018-03-23T06:13:10","date_gmt":"2018-03-23T06:13:10","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=61214"},"modified":"2018-03-23T06:13:10","modified_gmt":"2018-03-23T06:13:10","slug":"vietnam-scraps-south-china-sea-oil-drilling-project-under-pressure-from-beijing-bbc","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/world-news\/vietnam-scraps-south-china-sea-oil-drilling-project-under-pressure-from-beijing-bbc.html","title":{"rendered":"Vietnam Scraps South China Sea Oil Drilling Project Under Pressure From Beijing: BBC"},"content":{"rendered":"<h2 style=\"text-align: justify\"><strong><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 18pt;color: #000000\">Vietnam Scraps South China Sea Oil Drilling Project Under Pressure From Beijing: BBC<\/span><\/strong><\/h2>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">HANOI (REUTERS) &#8211; Vietnam&#8217;s state oil firm PetroVietnam has ordered Spanish energy firm Repsol to suspend its &#8220;Red Emperor&#8221; project off the country&#8217;s southeastern coast following pressure from China, the BBC reported on Friday.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">It would be the second time in less than a year that Vietnam has had to cancel a major oil development in the South China Sea under pressure from China.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">The move comes as Repsol was making final preparations for commercial drilling.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">A rig, the Ensco 8504, was scheduled to depart from Singapore for the drill site on Thursday, the report said, citing an unnamed energy industry source.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">The cancellation could cost Repsol and its partners $200 million in sunk investment, according to the BBC.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Repsol and PetroVietnam executives could not immediately be reached for comment. The Vietnamese foreign ministry did not immediately respond to an emailed request for comment.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Red Emperor, known in Vietnamese as the Ca Rong Do field, is part of Block 07\/03 in the Nam Con Son basin, 440 km (273 miles) off the coast of Vietnam&#8217;s southern city of Vung Tau.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">The block lies near the U-shaped &#8220;nine-dash line&#8221; that marks the vast area that China claims in the sea and overlaps what it says are its own oil concessions.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">The field can produce 25,000-30,000 barrels of oil and 60 million cubic meters of gas a day, Vietnamese news provider Cafef.vn reported last month.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Repsol spent around 33 million euros ($41 million) on exploration in Vietnam last year, according to the company&#8217;s 2017 profit and loss statement.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">The Red Emperor site is considered by Repsol&#8217;s top management as one of the company&#8217;s future growth projects.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Repsol, which has a 51.75 percent stake in the project signed a 384 million euro rental contract for a rig to start work on a Vietnamese site in 2019, according to the statement.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">(Reporting by Khanh Vu in HANOI; Additional reporting by Jose Elias Rodriguez in MADRID; Editing by James Pearson and Richard Pullin)<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\"><span style=\"font-size: 8pt\">Source:-https:\/\/www.usnews.com\/news\/world\/articles\/2018-03-23\/vietnam-scraps-south-china-sea-oil-drilling-project-under-pressure-from-beijing-bb<\/span>c<\/span><\/p>\n<div class=\"fb-background-color\">\n\t\t\t  <div \n\t\t\t  \tclass = \"fb-comments\" \n\t\t\t  \tdata-href = \"https:\/\/www.biphoo.com\/bipnews\/world-news\/vietnam-scraps-south-china-sea-oil-drilling-project-under-pressure-from-beijing-bbc.html\"\n\t\t\t  \tdata-numposts = \"10\"\n\t\t\t  \tdata-lazy = \"true\"\n\t\t\t\tdata-colorscheme = \"light\"\n\t\t\t\tdata-order-by = \"social\"\n\t\t\t\tdata-mobile=true>\n\t\t\t  <\/div><\/div>\n\t\t  <style>\n\t\t    .fb-background-color {\n\t\t\t\tbackground: #ffffff !important;\n\t\t\t}\n\t\t\t.fb_iframe_widget_fluid_desktop iframe {\n\t\t\t    width: 630px !important;\n\t\t\t}\n\t\t  <\/style>\n\t\t  ","protected":false},"excerpt":{"rendered":"<p>Vietnam Scraps South China Sea Oil Drilling Project Under Pressure From Beijing: BBC HANOI (REUTERS) &#8211; Vietnam&#8217;s state oil firm PetroVietnam has ordered Spanish energy firm Repsol to suspend its &#8220;Red Emperor&#8221; project off the country&#8217;s southeastern coast following pressure from China, the BBC reported on Friday. It would be [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":61215,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5470],"tags":[124841,124842,124805,124817,126230],"class_list":["post-61214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world-news","tag-latest-world-and-us-news","tag-latest-world-news-headlines","tag-usa-breaking-news-and-latest-headlines","tag-usa-today-news","tag-vietnam-scraps-south-china-sea-oil-drilling-project-under-pressure-from-beijing-bbc"],"_links":{"self":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/61214","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/comments?post=61214"}],"version-history":[{"count":0,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/61214\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media\/61215"}],"wp:attachment":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media?parent=61214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/categories?post=61214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/tags?post=61214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}