You are here

Eni bags two exploration blocks offshore Vietnam

13th October 2014

Eni's CEO, Claudio Descalzi, signed today with Petrovietnam's president and CEO, Do Van Hau, two production sharing contracts (PSCs) for the exploration of blocks 116 and 124, located off the coast of Vietnam

Eni bags two exploration blocks offshore Vietnam
Descalzi also met Hoang Trung Hai, deputy prime minister with responsibility for trade, industry, construction and transport, and provided him with an update of the activities and projects that the company is developing in the country

"The participation in these two new high-potential blocks will consolidate our presence in the area and support our growth in the Pacific basin. The proximity of these blocks to those which we already operate will enable us to exploit at best the logistical and operational synergies, with considerable savings in terms of time and costs" said Descalzi.

Block 116 covers an area of about 5,000 square kilometres in the Song Hong basin, in waters with a depth ranging from 10 to 120 metres. The PSC block, wholly owned by Eni, provides for an exploration period of seven years divided into three phases.

Block 124 covers an area of 6,000 square kilometres in the Phu Khanhbasin, in waters that have a depth ranging from 50 to 2,600 metres. The PSC provides for an exploration period of seven years divided into two phases. This block is held by Eni, which is the operator with a 60 per cent stake, and by Santos Vietnam with a 40 per cent stake.

Claudio Descalzi also met Hoang Trung Hai, deputy prime minister with responsibility for trade, industry, construction and transport, and provided him with an update of the activities and projects that the company is developing in the country.

These new agreements confirm Eni's interest to continue and consolidate its presence in Vietnam, where the company returned in 2012 and already operates four offshore exploration blocks.

Related topics: 

Eni

Exploration

Exploration news for the oil and gas industry, covering technology, development, discoveries and more for onshore and offshore sectors

Got a news tip? Email news@oilandgastechnology.net