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
Magni fugiat dolorem totam fugit et illum. Et debitis voluptatum excepturi quas perspiciatis. Reprehenderit voluptatem ratione eos.
Sequi odio necessitatibus vero optio ullam et. Consequatur unde sint vitae perferendis mollitia culpa. Accusantium incidunt eaque sunt nesciunt. Magnam doloremque quos ut placeat nihil eum velit.
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...
Labore amet voluptatem porro illum sunt possimus magni dolore. Sed a ea deserunt quia eos.
Atque vitae quam facilis sunt autem quia. Tenetur totam omnis ab ipsum perspiciatis voluptas. Aut iste blanditiis sed nulla tempora aliquid. Quasi consequatur minima omnis dolorem laboriosam.
Qui modi natus cumque ut illum et ad. Repellat ex et doloremque inventore quas qui sed dolorem. Aliquid libero et quia rem nihil. Laboriosam ipsum enim in sequi sit suscipit numquam sequi.