China Moves in on Vietnam Oil Territory

Forbes reported today that Vietnam is asking Beijing to call off the movement of a Chinese oil rig towards large reserves discovered and owned by Exxon and PetroVietnam. According to Forbes, the action followed president Obama’s ‘China containment tour,’ although the United States is not expected to retaliate against the move.

As quoted in the publication:

On May 3, China’s state-controlled oil giant Cnooc moved a deepwater drilling rig to a spot just 120 miles off the coast of Vietnam, smack dab in the middle of oil and gas exploration blocks that Vietnam claims as its own and where PetroVietnam and ExxonMobil have discovered big oil and gas reserves.

Click here to read the full Forbes article.