The fourth amended agreement for the Viet Nam-China Joint Exploration Accord for the Bac Bo (Tonkin) Gulf, signed by PetroVietnam and the China National Offshore Oil Corporation (CNOOC) yesterday expanded the Defined Area, crossed by the demarcation line, for joint exploration to 4,076sq km from 1,541sq km, covering two equal parts on each side, and extended the validity of the Joint Exploration Accord to the end of 2016.
The Viet Nam-China Joint Exploration Accord was reached by PetroVietnam and CNOOC on November 6, 2006, and came into force on January 2, 2007.
The Joint Exploration Accord in the Bac Bo (Tonkin) Gulf is carried out by both sides with expenses divided equally. In case commercial oil and gas are found at the Defined Area, the two sides will discuss to move to a joint exploitation stage in line with international practice and each country's law with a view to respecting sovereignty and the sovereign rights of each country in the Bac Bo (Tonkin) Gulf region, and ensuring the interests of both sides. — VNS