Italy-based oil and gas company Eni and Vietnam’s state oil firm PetroVietnam have signed a memorandum of understanding (MoU) to develop business potential in Vietnam and abroad.
The agreement, which was signed by PetroVietnam president and CEO Do Van Hau and Eni CEO Paolo Scaroni, followed a meeting held between Italian Prime Minister Mario Monti and the Communist Party of Vietnam General Secretary Nguyen Phu Trong.
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The agreement will allow PetroVietnam to increase its global activities and give Eni the opportunity to foray into new blocks in Vietnam.
As part of the deal, Eni will allow PetroVietnam access to buy shares in international areas and blocks where it has exploration and development rights.
Apart from the partnership activities in the upstream sector, Eni will also share its knowledge, proprietary technology and training skills with PetroVietnam.
Eni, which has completed exploration activities in Indonesia and Pakistan, and acquisitions in Australia, has strengthened its presence in Asia with the signing of the MoU with PetroVietnam.
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By GlobalDataEni has been operating in Vietnam since June 2012, with a 50% participation and operatorship in three exploration blocks located in the Hong Son basin in the Gulf of Tonkin, which is expected to hold about 10% of the total hydrocarbon resources of Vietnam.
Image: Eni CEO Paolo Scaroni. Photo courtesy of Eni.
