Eni expands presence in offshore Vietnam
Italian energy group acquires oil and gas block in Song Hong basin from KrisEnergy
21 Apr 2021 | Michael Marray

Italian oil major Eni has acquired an additional oil and gas block in offshore central Vietnam. Eni, through its affiliate Eni Vietnam, acquired a 100% participating interest and operatorship in Block 115/09, located in the Song Hong basin. The seller was KrisEnergy.

The oil and gas field is adjacent to Block 114, where Eni Vietnam and its partner Essar Exploration and Production Limited have recently announced the Ken Bau gas and condensates discovery, which is currently under appraisal. The new acreage also borders Block 116, also operated by Eni Vietnam with a 100% participating interest.

The block covers an area of 7,382 square kilometres, with a water depth ranging from 90 to 1,000 metres.

According to Eni, the latest deal consolidates its position in the recently discovered Ken Bau, in line with its strategy of expanding its gas portfolio in the Far East.

Eni has been present in Vietnam since 2013, and currently operates five blocks. They are all located in the underexplored Song Hong and Phu Khanh basins, offshore central Vietnam.

Meanwhile, in the United Arab Emirates, Eni subsidiary Eni RAK has been awarded the onshore Block 7 in Ras Al Khaimah. The exploration and production-sharing deal for Block 7 covers an area of 430 square kilometres. Eni RAK will act as operator of the block with a 90% participating interest while Ras Al Khaimah’s National Oil Company RAK Gas holds a 10% stake.

Eni is already operating offshore Block A present in the emirate of Ras Al Khaimah, where, after an initial geological and geophysical study, preparations for drilling operations have started. Eni says the acquisition of Block 7 represents another step in its positioning in the Middle East, and in the UAE in particular. Eni holds the largest exploration acreage among international oil companies in the UAE, with a gross area of more than 26,000 square kilometres, comprising eight exploration blocks onshore and in shallow waters offshore across the emirates of Abu Dhabi, Ras Al Khaimah and Sharjah.

Treasury & Capital Markets
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