Eni signs agreement for the acquisition of a new exploration block offshore Vietnam

abarrelfullabarrelfull wrote on 02 Jul 2012 13:04
Tags: asia eni essar upstream vietnam

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Eni has signed an agreement with the Indian company Essar for the acquisition of 50% and the operatorship of exploration block 114, located offshore in Vietnam's Song Hong Basin.

The exploration activities in the newly acquired block include the acquisition of a 3D seismic survey and the drilling of two wells. The block, which is approximately 5,900 square kilometers, has great potential and is located in an area where there have recently been significant exploration successes in nearby blocks.

With this acquisition, Eni reinforces its presence in the country as part of its strategy of expansion in the Far East in areas with significant mineral potential. Eni signed two acquisition agreements on June 25 for blocks 105-110/04 and 120 in the same basin.

The agreement with Essar is subject to approval by the relevant Vietnamese authorities.

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