Vietnam PSC deal: Eni CEO Claudio Descalzi (left) with PetroVietnam president Do Van Hau

(AGI) - Hanoi, Oct. 13 - On Monday, Eni's CEO Claudio Descalzi signed two Production Sharing Contracts (PSCs) with PetroVietnam's president and CEO Do Van Hau. The contracts concern the exploration of blocks 116 and 124 off the coast of Vietnam. Block 116 measures about 5,000 square kilometres in the Song Hong basin, where the depth of the water varies between 10 and 120 metres. The PSC for this block, owned entirely by Eni, envisages a seven year exploration period divided into three stages. Block 124 measures 6,000 square kilometres in the Phu Khanh basin where the water is between 50 and 2,600 metres deep. This PSC envisages a seven year exploration period divided into two stages. This block is co-owned by Eni, 60%, and by Santos Vietnam with 40%. CEO Claudio Descalzi also met with Hoang Trung Hai, Vietnam's deputy Prime Minister with the Portfolio for Trade, Industry, Construction and Transport, providing updates regarding the work and the projects the company is implementing in the country. "Participation in these two new blocks with great potential will consolidate our presence in the area and our growth in the Pacific basin. Their proximity to blocks in which we are already operational will allow us to make the most of logistic and operational synergies, resulting in significant savings in terms of time and costs", said Eni's CEO. These new agreements confirm Eni's interest in continuing and consolidating its presence in Vietnam, a country the company returned to in 2012 and where it is already operating in four offshore exploration blocks.

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