Construction and international conglomerate Essar, invests $300 mn in Vietnam’s offshore hydrocarbon block in a joint investment.
- ByStartupStory | December 20, 2021
The Essar group via its exploration entity Essar Exploration and Production Ltd (EEPL) is investing in hydrocarbon block 114, located offshore of Central Vietnam. The project is to be developed jointly with Ente Nazionale Idrocarburi (ENI) where an investment of $300 million has been made so far. ENI is the operator of the block with 50 per cent shareholding.
“Development of Block 114 is of utmost importance for the energy interests of Vietnam, while the commercial production of gas and condensate from this block will be a key strategic benefit for the central region of Vietnam,” said Essar. Director at Essar Capital Prashant Ruia said in the release, “Essar is committed to the development of Block 114, making it a significant resource for oil and gas in Vietnam’s economy. We are confident that this block will provide strong impetus for Vietnam to become self-sufficient in its energy requirements in the future”
Members of their senior-level delegation of Vietnam on Friday met with Ravi Ruia and Prashant Ruia along with an Essar delegation to discuss the investments of the Essar group and potential collaboration and business opportunities in Vietnam.
This block is the largest hydrocarbon find in South East Asia spanning two decades and has approximately 2 billion barrels of oil and gas resource, according to the company.
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