Italian energy firm Eni has signed two production sharing contracts (PSCs) to explore two blocks offshore Vietnam.
The PSCs with Petrovietnam cover blocks 116 and 124.
Block 116 covers an area of about 5,000km² in the Song Hong basin in water depths ranging from 10m to 120m. The block offers an exploration period of seven years in three phases.
Block 124 covers an area of 6,000km² in the Phu Khanhbasin, in water depths ranging from 50m to 2,600m, with the PSC providing an exploration period of seven years divided into two phases.
Eni operates block 124 with a 60% interest, while the remaining stake is held by Santos Vietnam.
Eni CEO Claudio Descalzi said: "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 said the new PSCs confirm its interest to continue and consolidate its presence in Vietnam, where it already operates four offshore exploration blocks.
Image: Eni CEO Claudio Descalzi says the move will support the company’s growth in the Pacific basin. Photo: courtesy of Eni.