Eni teams up with PetroVietnam

Eni and PetroVietnam have signed a memorandum of understanding (MoU) to develop business opportunities in Vietnam and elsewhere.

Offshore staff

ROME – Eni and PetroVietnam have signed a memorandum of understanding (MoU) to develop business opportunities in Vietnam and elsewhere.

The MoU will allow PetroVietnam to expand internationally, including areas where Eni has rights to exploration and development. Eni in turn will gain access to further Vietnamese blocks.

PetroVietnam also should benefit from sharing Eni’s proprietary technology.

Eni has been in Vietnam since June 2012, via a 50% operating position in three exploration blocks in the Hong Son basin in the Gulf of Tonkin.

This week, the company also secured approvals to take a 50% operating position in Vietnamese exploration blocks 120 and 105-110/04 fromNeon and KrisEnergy. Terms of the transaction include carrying Neon on the cost of acquiring 1,050 sq km (405 sq mi) of 3D seismic on both blocks and of drilling two exploration wells.

Neon has received preliminary data volumes for the completed 3D surveys. Results to date support prospectivity identified from 2D data acquired in 2010.

Interpretation of the 3D data, combined with amplitude versus offset analysis and other studies, should optimize the location for the planned well on the Cua Lo prospect in block 105, and aid prospect ranking and well location in block 120.

The partners are searching for a jackup for shallow water drilling in block 105, and a semisubmersible to operate in the moderate water depths of block 120.

1/22/2013

More in Home