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ENI acquires oil blocks offshore Vietnam

26th June 2012

ENI could soon start exploring oil blocks covering approximately 15,600 sq km

Two blocks covering approximately 15,600 km sq of acreage have been acquired by ENI

Italian oil firm ENI has been allocated exploration blocks offshore Vietnam, in the Song Hong and Phu Khanh basins in the Gulf of Tonkin.

The Song Hong Basin is estimated to contain 10 per cent of Vietnam's hydrocarbon resources, mainly gas, and significant discoveries have recently been recorded there.

The agreement is subject to approval from the relevant Vietnamese authorities, and covers blocks 105-110/04 and 120, where the participating interests will be ENI with 50 per cent as operator, KrisEnergy with 25 per cent and Neon Energy with 25 per cent.

The two blocks cover approximately 15,600 km sq of acreage.

The near term exploration activity will include the acquisition of 3D seismic surveys and the drilling of two exploration wells.

This agreement, coupled with recent announcements related to significant gas discoveries in Indonesia and the addition of new acreage in Indonesia and Australia, reaffirms ENI's growth strategy in the Far East and Pacific, a region characterised by fast growing economies, said the company in a statement this week.