Vietnam’s PetroVietnam Exploration Production Corp. (PVEP) has signed an agreement to sell a 5% working interest in an oil block offshore Vietnam to Murphy Oil Corp. (NYSE: MUR), the Vietnamese company said.

Under the agreement, PVEP will jointly develop the 15-1/05 production-sharing contract in Cuu Long Basin off southern Vietnam with Murphy Oil and South Korea’s SK Innovation Co., PVEP said in a statement posted on its website on March 15.

The company didn’t disclose the value of the deal.

PVEP said it hoped the cooperation with Murphy Oil would help it develop small-sized oil fields in a more efficient manner amid low oil prices.

Murphy Oil has already invested in other oil blocks offshore Vietnam.