Essar to increase oil, gas exploration in Vietnam's Ken-Bau basin

by IANS |

New Delhi, Dec 19 (IANS) As part of increasing business collaboration and strengthening ties with Vietnam, Essar Exploration and Production, the exploration arm of Essar Group, on Sunday said it is committed to fast-track the development process of the Ken-Bau basin in Vietnam.

Essar Exploration and Production is an emerging player in natural gas exploration and production worldwide.

It and Ente Nazionale Idrocarburi have a significant investment in Block 114, located in the offshore area of central Vietnam.

"The block has approximately two billion barrels of oil and gas resources. Having invested over $300 million in Block 114, Essar and ENI are committed to a fast track development of the Ken-Bau basin, whilst exploring for more hydrocarbons in Dan Day basin and other prospects," Essar said in a statement.

"Development of Block 114 is of utmost importance for the energy interests of Vietnam."

On Sunday, the Chairman of the National Assembly of Vietnam Vuong Dinh Hue, and Deputy Prime Minister Le Manh Hung met Ravi Ruia and Prashant Ruia, two senior most officials at Essar, to discuss the investments potential and business opportunities in Vietnam.

"The bilateral trade between both the countries has been steadily growing over the past two decades. Essar is committed to the development of Block 114, making it a significant resource for oil and gas in Vietnam's economy," said Prashant Ruia, Director at Essar Capital.

"We are confident that this block will provide strong impetus for Vietnam to become self-sufficient in its energy requirements in the future."

Latest News
Global Covid caseload tops 357.9 mn Wed, Jan 26, 2022, 11:42 AM
TN celebrates 73rd Republic Day with patriotic fervour Wed, Jan 26, 2022, 11:39 AM
Participants of Oslo talks call for understanding, cooperation on Afghanistan Wed, Jan 26, 2022, 11:36 AM
2nd ballot to elect Italy's Prez fails, but strong candidatures start emerging Wed, Jan 26, 2022, 11:29 AM
US House Speaker Pelosi announces reelection bid in 2022 midterms Wed, Jan 26, 2022, 11:29 AM
US warns of fragile semiconductor supply chain as chip inventory falls Wed, Jan 26, 2022, 11:28 AM
France reports new daily record of over 500,000 Covid-19 cases Wed, Jan 26, 2022, 11:27 AM
Ironic when nation recognizes Azad's services, Cong doesn't: Sibal Wed, Jan 26, 2022, 11:21 AM
TN to restore water bodies for recharging groundwater level Wed, Jan 26, 2022, 11:20 AM
Blackmailed on Instagram, man commits suicide in Karnataka Wed, Jan 26, 2022, 11:09 AM
Karnataka launches 'Brain Health Initiative' to help people beat Covid stress Wed, Jan 26, 2022, 11:07 AM
Rajpath brims over with patriotic fervour as India celebrates R-Day Wed, Jan 26, 2022, 11:06 AM
India's Tokyo Games heroes come together to recite National Anthem Wed, Jan 26, 2022, 11:05 AM
Afghanistan complete whitewash to grab crucial Cricket World Cup Super League points Wed, Jan 26, 2022, 11:02 AM
Kerala Minister unfurls Tricolour upside down in Kasargod Wed, Jan 26, 2022, 11:01 AM