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Repsol stops drilling in Vietnam offshore oil block disputed by China

Aug. 02, 2017 2:38 PM ETRepsol, S.A. (REPYF) StockREPYY, REPYFBy: Carl Surran, SA News Editor2 Comments
  • Repsol (OTCQX:REPYF, OTCQX:REPYY) says it has suspended oil drilling offshore Vietnam, after China's government pressured the country to stop prospecting in South China Sea waters it claims.
  • China had urged a halt to the exploration work, and a decision to suspend drilling reportedly was taken after a Vietnamese delegation visited Beijing.
  • Drilling began in mid-June in Vietnam's Block 136/3, which is located inside the U-shaped "nine-dash line" that marks the vast area that China claims and overlaps what it says are its own oil concessions.

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