In the wake of the Middle East oil crisis, U.S. companies have just concluded an?
In the wake of the Middle East oil crisis, U.S. companies have just concluded an agreement with the South Vietnamese government to begin exploration for oil off South Vietnam's shores.
At the Ministry for Economy in Saigon on Monday, South Vietnam's Economic Minister, Fham Kim Ngoc, met representatives from three major U.S. oil companies to finalise the off-shore oil exploration agreement.
During yesterday's ceremony, the South Vietnamese government ??? presented with checks from the three companies taking part in the programme totalling 16 million U.S. dollars. The money, according to Ministry sources, will go towards the reconstruction of the country and the expansion of the country's economy.
Sunningdale Oil, Mobile Oil and Esso will commence exploration work shortly. Esso has chartered a vessel to begin a seismic survey of South Vietnam's coastal areas on September 25th, and hopes to complete the initial survey before January of next year.