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(Image courtesy of PetroVietnam)

Eni and PetroVietnam have signed a production-sharing contract for the exploration of the offshore Block 122, Eni announced on Friday.

Block 122 covers an area of 2,664 sq/mi in the Phu Khanh Basin in water depths up to 6,562 ft.

The exploration period will last 7 years and be divided into two phases.

In addition to the PSC, Eni currently operates three exploration blocks offshore Vietnam.