Eni Signs PSCs for Exploration Blocks 116, 124 Offshore Vietnam

Italy's Eni S.p.A. signed two production sharing contracts (PSC) with Vietnam's state-owned oil and gas company PetroVietnam Monday for exploration blocks 116 and Block 124, located offshore Vietnam.

Block 116, covering an area of around 1,930 square miles (5,000 square kilometers) in the Song Hong basin, is located in water depths ranging from 32 to 393 feet (10 to 120 meters). The block, wholly owned by Eni, provides for an exploration period of seven years divided into 3 phases.

Block 124 -- the second PSC -- is spread over 2,317 square feet (6,000 square kilometers) in the Phu Khanh basin in waters between ranging from 164 to 8,530 feet (50 to 2,600 meters) deep. The PSC provides for an exploration period of seven years divided into 2 phases. Block 124 is held by Eni, the field operator with a 60 percent stake, and by Santos Vietnam with a 40 percent stake.

“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” Eni’s CEO Claudio Descalzi said in a press statement .

Eni currently operates four offshore exploration blocks in Vietnam.

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