Eni to Evaluate Vietnam's Unconventional Hydrocarbons Potential

Vietnam Oil and Gas Group (Petrovietnam), the national oil company and Eni signed an agreement in Hanoi for the joint assessment of unconventional hydrocarbons potential of the country.

The two firms will jointly look to evaluate coal bed metahne, shale gas, shale oil and tight gas potential of the country. 

The agreement follows the signing of a Memorandum of Understanding between the two companies in January in Rome, which provides Petrovietnam with the opportunity to expand its international activities and the opportunity for Eni to consolidate its presence in Vietnam, the Italian firm said in a statement.

“With this agreement, Eni takes another step forward in its strategy of strengthening its presence in Asia, a region with very high growth potential that presents great opportunities in terms of upstream and the market,” said the statement.

Eni has been present in Vietnam since June 2012 through a 50% participation and the operatorship of three exploration blocks located in the prolific Song Hong basin in the Gulf of Tonkin, the Socialist Republic of Vietnam.