On the afternoon of April 11, 2017 at PVEP headquarters, PVEP, SK and Murphy signed an agreement completing the transfer of rights to participate in PSC block 15-1/05.
Attending the ceremony, from PVEP were Dr. Ngo Huu Hai, CEO; Mr. Nguyen Thien Bao, member of the Board of Directors, Vice Presidents Cao Huu Binh, Nguyen Tien Long and Tran Binh Minh and other leaders of PVEP divisions.
From Murphy Oil were Mr. Mark Jones – Vice President, Vietnam Country Manager; and Mr. David Haverkamp, Business Development Manager.
From SK Innovation was Mr. Jungdea Yang – SK Innovation Branch Manager in HCMC.
As of end of the first quarter of 2017, PVEP overfilled many business targets set for by the Government and PetroVietnam. However, in the context of prevailing low global oil prices, production development requires breakthrough solutions both in terms of technologies and costs. 
On February 24th, 2017, the Ministry of Industry and Trade passed the amended Investment Registration Certificate No. 00022000041/GCNĐTĐC#3 recognizing the transfer of 21.54% of shares from PVEP, and 13.46% from SK Innovation Ltd. in PSC block 15-1/05 to Murphy Oil Cuulong Bac Oil Co., Ltd effective from July 1st, 2015. 

Leaders of PVEP and SK Innovation witness the signing ceremony 

The close cooperation between the parties, particularly Murphy's and SK Innovation's experience in exploration and production of petroleum will help the contractors quickly put new-found oil discoveries into production using suitable technologies, and at economic costs, as well as continue to expand exploration within the Contract block. 
Speaking at the signing ceremony, on behalf of leaders of PVEP, Vice President Cao Huu Binh extended his appreciations to the whole leadership, and individuals directly involved in the project and the transfer of shares for their cooperation, understanding and effective implementation of the work. He also expressed the hope and confidence that the Signing ceremony would be an important threshold opening upon a long-term strategic and comprehensive cooperation program between PVEP, Murphy Oil and SK Innovation. 
The Ceremony is a gateway to the long-term strategic and comprehensive cooperation program between PVEP, Murphy Oil and SK Innovation. 

Following the Ceremony, the Contractors will actively realize the remaining work items in the spirit of the 12th Management Committee Meeting to soon put into production Lac Da Vang well and expand exploration on this Contract block. The Parties agreed also to exchange views on cooperation in potential blocks such as 16-2, 17 among others within the hugely potential Cuu Long basin and other related areas.