PVEP sells 5 percent interest in Block 15-1/05 to MurphyThe PetroVietnam Exploration Production Corporation (PVEP) has signed a deal on the transfer of a 5-percent interest and the administration right in Block 15-1/05 to Murphy Cuu Long Bac Oil Co. Ltd. According to PVEP, Block 15-1/05 is located in the Cuu Long Basin off the southern coast of Vietnam managed by the PetroVietnam Domestic Exploration Production Operating Company Limited (PVEP-POC). In August 2015, PVEP and Murphy inked an agreement on interest transfer, which recognised the participation of Murphy in the Block 15-1/05 project. After negotiations, they reached a consensus on transferring to Murphy 5 percent of interests and the administration right of PVEP under the Product Sharing Contract of Block 15-1/05. Therefore, cooperating with Murphy – a partner experienced in developing small and marginal oil fields- will help facilitate the progress of the project.-VNA