First, the good news…
U.S. oil company ExxonMobil is reporting a “potentially significant” gas discovery off the coast of Vietnam, stating in a press release, "We can confirm ExxonMobil Exploration and Production Vietnam Limited drilled its second exploration well offshore Danang in August 2011 and encountered hydrocarbons."
ExxonMobil is the world's largest publicly traded oil company by market value. While Vietnam, an oil exporter and the third-largest oil producer in South Asia, began offshore exploration of its reserves in the 1970s, Hanoi only started in 2004 awarding offshore exploration concessions to a plethora of foreign companies, including those from the U.S., Canada and India with ExxonMobil receiving concessions from the Vietnamese government allowing it to explore blocks 117, 118 and 119 off Danang, an area that Vietnam insists is well within its 200-mile exclusive economic zone under international maritime law.
The bad news?
The South China Sea’s offshore resources are currently claimed by six countries
Full article at: Apocalypse Redux? U.S. Natural Gas Find off Vietnam Could Raise Tensions with China
Aliquid laudantium facere aut temporibus aliquam nam sint recusandae. Velit cum dolores eum voluptas. Fugiat dicta dignissimos fugit voluptates voluptatem. Ab qui non praesentium provident omnis rerum officiis voluptatum. Quasi in omnis molestiae labore eveniet et.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Eveniet et blanditiis dignissimos ad. Nihil et rerum doloribus magnam dolores hic. Cupiditate ex non nemo at quia. Qui consequatur aut culpa natus quia sit vel vel.
Porro iste eos occaecati. Vero dolores voluptates non tempora consequatur rem. Blanditiis similique facere incidunt maxime velit. Aut rerum labore aut. Reiciendis sed ut quas libero velit labore ab.
Voluptatem non quam a harum eum. Ut id debitis dolorem omnis. Qui et nostrum aperiam necessitatibus maiores quisquam totam. Sequi fugit mollitia aliquid veniam beatae.
Provident ea autem aut velit. Facilis similique quia quos dolor laboriosam eveniet ut.
Quia voluptas eum quidem quo similique minus qui optio. Quod necessitatibus quia voluptatem beatae nobis maxime culpa.