Italy's Eni S.p.A. signed an agreement Thursday in Hanoi with Vietnam Oil and Gas Group (PetroVietnam) for the exploration of Block 122 in the Phu Khanh Basin, offshore Vietnam.
Block 122 covers an area of 2,664 square miles (6,900 square kilometers) in the Phu Khanh Basin in water depths of up to 6,561 feet (2,000 meters). The exploration period will last 7 years, subdivided in 2 phases.
The Block 122 Production Sharing Contract (PSC) was signed by Eni CEO Claudio Descalzi and PetroVietnam President and CEO Do Van Hau.
"This new agreement confirms Eni’s interest to continue and consolidate its presence in Vietnam, where the company returned in 2012 and operates already 3 offshore exploration blocks," Eni said in a press release.
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