Italy based oil and gas company Eni has signed an agreement with the Indian company Essar for the acquisition of 50% stake and the operatorship of exploration block 114, located offshore in Vietnam's Song Hong Basin for an undisclosed sum.

The company will undertake 3D seismic surveys and drilling two exploration wells at 5,900km2 acreage covering the two blocks 105-110/04 and 120 in the same basin.

The agreement with Essar is subject to approval by the relevant Vietnamese authorities.

Eni is an integrated energy company, with activities of finding, producing, transporting, transforming and marketing oil and ga