Eni signs two more PSCs for blocks off Vietnam

Oct. 13, 2014
Italy’s Eni SPA has signed two production-sharing contracts for exploration of blocks 116 and 124 off the coast of Vietnam.

Italy’s Eni SPA has signed two production-sharing contracts for exploration of blocks 116 and 124 off the coast of Vietnam.

Block 116, part of the Song Hong basin, covers 5,000 sq km in 10-120 m of water. It’s wholly owned by Eni, with a PSC providing for an exploration period of 7 years divided into three phases.

The company operates Song Hong Blocks 114 and 120 (OGJ Online, July 2, 2014). The company spudded the Ca Ngu-1 exploratory well on Block 120 last year (OGJ Online, Oct. 22, 2013).

Block 124, part of the Phu Khanh basin, covers 6,000 sq km in 50-2,600 m of water. The PSC provides for an exploration period of 7 years divided into 2 phases. Eni operates the block with 60% interest, partnering with Santos Vietnam, which holds 40%.

The company in June signed a production-sharing contract with PetroVietnam for Phu Khanh Block 122 (OGJ Online, June 30, 2014).

"The participation in these two new high-potential blocks will consolidate our presence in the area and support our growth in the Pacific basin,” commented Claudio Descalzi, Eni chief executive officer.

Eni returned to Vietnam in 2012 (OGJ Online June 25, 2012).