State-owned PetroVietnam has ordered Spain’s Repsol to suspend its Red Emperor project off Vietnam’s southeastern coast following pressure from China, the BBC reported on Friday.
The halt comes as Repsol was making final preparations for commercial drilling, and means the company and its partners could lose up to $200 million of investment already made.
The Ensco 8504 rig was scheduled to depart from Singapore for the drill site on Thursday, according to the BBC.
Red Emperor – known in Vietnam as the...
- You have reached an article available exclusively to subscribers
- Stay informed with exclusive, accurate and up-to-date energy news, analysis and intelligence. Sign up for 7-day trial access to this and more premium content. It's free!
- Get a free trial Already a subscriber? Sign in