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Image courtesey of Eni.

Italy’s Eni won two production sharing agreements to explore in the offshore Vietnam blocks 116 and 124.

Block 116 is located in the Song Hong Basin and covers 1,930 square miles in water depths ranging from 32 feet to 393 feet.

The block is wholly owned by Eni. The production sharing agreement grants a seven year exploration period divided into three phases.

Eni currently operates blocks 113 and 120 in the Song Hong Basin.

Block 124 is located in the Phu Khanh Basin and covers 2,316 square miles in water depths ranging from 164 meters to 8,530 meters.

The agreement provides a seven year exploration period divided into two phases.

Eni operates block 124 with a 60 percent stake. Vietnam’s Santos Vietnam holds the remaining 40 percent stake.

“The participation in these two new high-potential blocks will consolidate our presence in the area and support our growth in the Pacific basin,” Eni’s CEO Claudio Descalzi said.