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    Eni buys block offshore Vietnam

Summary

KrisEnergy had announced this deal earlier this month but did not disclose the identity of the buyer.

by: Shardul Sharma

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Complimentary, Natural Gas & LNG News, Asia/Oceania, Security of Supply, Corporate, Exploration & Production, Investments, News By Country, Vietnam

Eni buys block offshore Vietnam

Italy’s Eni on April 12 confirmed that it is the buyer of the 100% participating interest in Block 115/09, offshore Vietnam. KrisEnergy had announced this deal earlier this month but did not disclose the identity of the buyer.  

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

Block 115/09 covers an area of 7,382 km2, with a water depth ranging from 90 m to 1,000 m. 

“Eni's presence in the country is further strengthened with this acquisition, consolidating its position in the recently discovered Ken Bau like play, in line with its strategy of expanding of its gas portfolio in the Asian Far East,” it said. 

KrisEnergy reached an agreement to sell its stake in the block in February last year for nominal cash consideration.