London (Platts)--28Feb2013/639 am EST/1139 GMT
Eni has signed an agreement with Vietnam's state-run PetroVietnam to jointly assess the country's potential reserves of unconventional oil and gas, the Italian major said Thursday. The Rome-based company said the deal for joint study into Vietnam's unconventional reserves was signed by the chief executives of both companies in Hanoi. The work will be carried out by a team made up of officials from both companies which will benefit from Eni's "substantial wealth of knowledge and proprietary expertise" in the sector, Eni said. "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," Eni said in a statement. Article continues below...Sign up to Oilgram News today. Oilgram News brings fast-breaking global petroleum and gas news to your desktop every day. Our extensive global network of correspondents report on supply and demand trends, corporate news, government actions, exploration, technology, and much more.
Eni has signed an agreement with Vietnam's state-run PetroVietnam to jointly assess the country's potential reserves of unconventional oil and gas, the Italian major said Thursday. The Rome-based company said the deal for joint study into Vietnam's unconventional reserves was signed by the chief executives of both companies in Hanoi. The work will be carried out by a team made up of officials from both companies which will benefit from Eni's "substantial wealth of knowledge and proprietary expertise" in the sector, Eni said. "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," Eni said in a statement.
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While Vietnam became a net oil importer in 2011, the country's natural gas production has risen sharply since the late 1990s to supply a rapidly expanding domestic market. Although no official estimates of the Southeast Asian country's unconventional reserves are available, oil shows from tight reservoir sands in the Cuu Long Basin, southern offshore Vietnam, have been seen from recent exploration in the area. Last month, Eni and PetroVietnam signed a separate memorandum of understanding to jointly pursue potential joint upstream opportunities in Vietnam and elsewhere. As part of the deal, Eni has shown interest in jointly developing five oil and gas blocks in northern Song Hong basin and the southern Nam Con Son basin. The Song Hong Basin in the Gulf of Tonkin is estimated to contain 10% of Vietnam's hydrocarbon resources, mainly gas. 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. --Robert Perkins, robert_perkins@platts.com--Edited by Maurice Geller, maurice_geller@platts.com
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