Eni signed two production-sharing contracts (PSCs) with Petrovietnam for the exploration of blocks 116 and 124 located off the coast of Vietnam, according to a press release.

Block 116 covers an area of about 5,000 sq km (1,931 sq miles) in the Song Hong Basin in water with a depth ranging from 10 m to 120 m (33 ft to 394 ft). The PSC block, wholly owned by Eni, provides an exploration period of seven years divided into three phases.

Block 124 covers an area of 6,000 sq km (2,317 sq miles) in the Phu Khanh Basin in water depths ranging from 50 m to 2,600 m (164 ft to 8,530 ft). The PSC provides an exploration period of seven years divided into two phases. This block is held by Eni, which is the operator with a 60% stake and by Santos Vietnam with a 40% stake.