Chinese president Xi Jinping and Vietnamese communist party general secretary Nguyen Phu Trong
Vietnam battles for IOCs as China turns up the heat
China is intensifying its pressure on Hanoi to halt IOCs’ offshore drilling activities. Some have already withdrawn and others may follow
Vietnam is facing the prospect of losing heavyweight IOCs from its offshore, as China amplifies pressure to rein in E&P activity that it views as challenging its maritime interests along the so-called Nine Dash Line in the South China Sea. Chinese pressure has this year forced Russia’s Rosneft to shelve a planned drilling campaign, while both Repsol and the UAE’s Mubadala, partners on the Ca Rong Do field, have relinquished offshore stakes to state-owned PetroVietnam—in return for what is understood to have been a compensation package worth around $1bn. Spain’s Repsol announced on 12 June that it would relinquish its 51.75pc stake in block 07/03 and blocks 135-136 in Vietnam. The IOC dis
Also in this section
29 April 2026
The UAE’s exit from the alliance marks a decisive step towards a world in which oil markets are shaped less by collective management and more by national strategy
29 April 2026
Trafigura’s $1b prepayment agreement confirms African resource holders’ renewed interest in oil-backed financing deals as they look to capitalise on high oil prices
29 April 2026
The UAE’s departure from the oil producers’ group was a surprise to many, but the move can be traced back to a single point five years ago
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
