According to a recently published report from the Essar group, the block located in Central Vietnam is the largest hydrocarbon found in South East Asia spanning two decades, and has approximately 2 billion barrels of oil and gas resource.
Essar and ENI (Ente Nazionale Idrocarburi) of Italy have jointly made an investment of $300 million in this hydrocarbon project so far. ENI is the operator of the block with 50% shareholding. Essar Exploration and Production Ltd (EEPL) with ENI will also be exploring more hydrocarbon in the Dan Day basin and other prospects in Vietnam.
The bilateral trade between India and Vietnam has been steadily growing over the past two decades. Being a part of this, Essar is committed to the development of Block 114, making it a significant resource for oil and gas in Vietnam’s economy. The commercial production of gas and condensate from this block will be a key strategic benefit for the central region of Vietnam.
Apart from investment in hydrocarbon exploration, the Essar Group is also looking at potential collaboration and business investment opportunities in Vietnam in power, petrochemicals, LNG, renewables, and green hydrogen.
Source: Business Standard