Vietnam has cancelled a major oil project in the South China Sea for the second time in a year, in the wake of Chinese pressure, the BBC has learned.
State-owned PetroVietnam ordered Spanish energy firm Repsol to suspend a project off the south-east coast, a well-placed industry source said.
It means Repsol and partners could lose up to $200m of investment already made.
The news is unexpected as final preparations for commercial drilling were under way.
China is likely to regard this move as a significant victory. The Vietnamese decision seems to demonstrate that the recent show of force in the South China Sea by the United States has not changed Vietnam's strategic calculations.
Read more ....
WNU Editor: China must have really put the squeeze on Vietnam to cancel this project.
More News On China Successfully Pressuring Vietnam To Cancel A Major Oil Project In The South China Sea
Vietnam halts South China Sea oil drilling project under pressure from Beijing -- Reuters
Vietnam Halts Oil Project In South China Sea -- OilPrice.com
The craziness of China's island claims -- Washington Examiner
Why March 2018 Was an Active Month in Vietnam's Balancing Against China in the South China Sea -- The Diplomat
